Development Site Identification and Acquisition
Madison Capital Group’s team includes specialists who are versed in site identification, land acquisitions and dispositions. They work in concert with Madison’s financing and investment sales professionals to provide clients with a spectrum of services to take an underdeveloped site to its highest and best use as a mixed-use or multi-housing project.
The team has a unique understanding of the many factors which influence land values and site selection, including supply and demand, zoning, demographic, traffic, political issues, and local and regional trends. Madison’s land specialists work with private individuals, development companies and public institutions in sourcing urban and suburban multi-housing residential development sites.
Madison Capital’s site identification and land acquisition specialists can also help you find your next multi-housing development opportunity. They stay up-to-date on changes in zoning codes and planning issues in order to locate the best suitable acquisition target.
Madison also makes sure it stays abreast of new master planned communities for neighborhoods and districts. We also monitor the availability of incentives for various types of multifamily residential development and the progress of properties as they go through the entitlement process.
Summary of Property Data
Name of Property: Space 01
Type of Property: High-Rise Luxury Condominium
Location of Property: Bay Harbor Island, Florida
Number of Units: 54
Summary of Transaction Data
Transaction Type: Non Recourse, Mezzanine and Construction Financing
Pre-development Capitalization: $25 Million
Client: Cambridge Development
Madison Capital Group, LLC, acted as exclusive financial advisor for Cambridge Development Group in arranging development financing for SPACE 01, a $25 million, 54-unit, luxury loft community in North Bay Village, Florida. The project is located on Harbor Island in the middle of Biscayne Bay, approximately ten miles north of Downtown Miami. The units are expected to be delivered during the second quarter of 2006. The 16-story, Chad Oppenheim designed tower features Biscayne Bay frontage on an approximately three-quarter-acre parcel in North Bay Village. The location and the project’s innovative design provide for outstanding views of Biscayne Bay from every unit. The project also showcases a chic living environment through open loft designs and ultra-luxury amenities both in-unit and on-site throughout the community. Specially selected custom features serve to differentiate SPACE 01 and to create the quintessential South Florida living experience. Each unit’s luxury finishing package will include Italian cabinetry, designer fixtures and terrazzo countertops. Community amenities will include a landscaped rooftop level with garden, heated lap pool, hot tub and lounge area.
Madison innovatively structured development financing to deliver the optimal capital structure to the client. Madison provided mezzanine and construction financing in a single, non-recourse facility to meet our client’s needs. Madison has been successful in procuring nonrecourse debt for a number of its developer clients.