Madison Capital Group LLC of Miami and New York has arranged land acquisition and pre-development financing for the 3.8-acre project and is negotiating with lenders for first-phase construction funds.
Madison managing director Timothy E. Martorella tells GlobeSt.com he can't disclose loan terms or the names of the lenders until all of the three-phase financing details have been completed. An out-of-state bank, a pension fund and an investment firm are among the lenders.
"Madison has additionally raised project development equity for the apartment project; pre-development equity for the design and marketing of the condominiums; and made principal investments in all three projects," Martorella says.
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