JACKSONVILLE, FL-The Miami office of Madison Capital Group LLC is joint venturing the $116.2-million development of the 234-unit, 36-story Peninsula condominium with Miami-based American Land Ventures on the south bank of the St. Johns River Downtown.Russell L. Caplin Jr., managing director of Madison's Chicago office, tells GlobeSt.com his firm has "invested or raised essentially the entire capital structure" of the project. However, Caplin would not disclose the lenders' names, the loans' interest rates or how much Madison has invested itself. He says, however, his firm "typically invests between $250,000 and $2 million" in comparable projects.
Madison arranged the land loan, mezzanine and equity financing for the pre-development stage of the project being built on nine-tenths of an acre at 1357 Riverplace Blvd. The total financing leverage is over 90% of the project's costs, Caplin says. The loans mature in three years "although construction [completion] is anticipated in approximately two years," he adds.
Condo homes are projected to sell from $300,000 to $800,000 with penthouse units from $1 million-plus. The Peninsula will be Downtown Jacksonville's tallest residential community. The project is being done at this time because of Downtown's "need for high-end, luxury urban housing," Caplin says.
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