KUALA LUMPUR, June 9 -- Madison Realty Capital, a fully integrated real estate private equity firm, recently announced it has provided a US$278.5 million construction loan for a portfolio of four assets located in Austin, Texas to Reger Holdings LLC. (US$1 = RM4.120)
Reger Holdings LLC is a New York-based real estate investment and development company led by Chief Executive Officer Gordon Reger, a third-generation member of the Reger/Mader family which founded the company.
The portfolio comprises two mixed-use multifamily properties and 317 acres of entitled land with plans to develop 1,264 multifamily residential units, known as the EastVillage, located along the Parmer Lane tech corridor in northeast Austin and a luxury condominium in downtown Austin known as The Linden Residences.
According to a statement, Reger Holdings contributed significant cash equity for the construction.
“This transaction highlights Madison Realty Capital’s solutions-oriented approach and unique ability to serve as a single source financing provider to a highly reputable borrower,” said Madison Realty Capital Managing Principal and Co-Founder, Josh Zegen.
The mixed-use residences comprise two development sites across 29 acres within the over 400-acre master site planned for the EastVillage.
The first EastVillage development will offer 312 luxury apartment units across six garden-style apartment buildings with top-tier amenities, including a fitness centre, courtyard, and swimming pool.
The second EastVillage development will consist of an additional 422 one, two and three-bedroom apartment units with state-of-the-art finishes, fitness centre, yoga studio, and 143,000 square feet of commercial space, among others.
Meanwhile, located at 313 West 17th Street in downtown Austin near the State Capital and the University of Texas at Austin, The Linden Residences is a 28-storey luxury condominium project that will offer 117 one to three-bedroom units, 5,196 square feet of ground floor retail and 251 parking spaces.
Newmark Executive Managing Director David Douvadjian, Senior Managing Director, Brian Butler, and Director, David Douvadjian, Jr., served as advisers to Madison Realty Capital in the deal.
-- BERNAMA
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