Madison Capital Group Secures $33.5M Loan and $15.3M Preferred Equity Raise for New Multifamily Development in Melbourne, Fla

Charlotte, N.C. (October 11, 2024) – Madison Capital Group, a North Carolina-based real estate development and investment firm, has successfully closed a $33,500,000 loan from First Citizens Bank , brokered by Berkadia , along with a $15.3 million preferred equity raise for Madison Melbourne Preferred Investors, LLC. The funds will support the development of Madison Midtown, a 240-unit Class A multifamily housing community in Melbourne, Florida.

Located at 1034 South Babcock Street on a 14-acre site, Madison Midtown will transform a former Sears property into a luxury residential community. The property is situated within the Palm Bay-Melbourne-Titusville metropolitan area, also known as Florida’s Space Coast, a rapidly expanding market driven by its aerospace and defense industries.

In addition to Madison Midtown, Madison Capital Group is also developing an adjacent Go Store It Self-Storage facility, creating a cohesive and dynamic development in the area.

“We are excited to offer investors the opportunity to take advantage of the tremendous economic growth happening in Florida's Space Coast," said Ryan Hanks , CEO of Madison Capital Group. “This region has a strong employment base, driven by aerospace and defense industries, and continues to experience population growth and investment. Our team has a unique ability to deliver high-quality developments in high-barrier-to-entry markets like Melbourne.”

Madison Midtown will offer a range of upscale apartment features, including granite countertops, stainless steel appliances, and premium cabinetry and flooring. Residents will enjoy access to a contemporary clubhouse with a demonstration kitchen, a cyber lounge with flexible workspaces, a resort-style pool with cabanas, and a bark park with a dog wash. The community will also feature chef-inspired kitchens and other high-end amenities that cater to a modern, active lifestyle.

Florida’s Space Coast, home to NASA’s Kennedy Space Center Visitor Complex , has seen a significant influx of private aerospace investment and is a hub for engineering and defense companies. With over 600,000 residents and a thriving tourism sector, the area continues to attract new investments and residents seeking a “live-work-play” environment.

“This successful raise is an excellent example of creating value for our investors by identifying and executing on opportunities in prime locations,” added Hanks.

Madison Capital Group focuses on real estate investments and developments across the Southeast and Midwest. The company has a proven track record of delivering projects in high-growth markets.

About Madison Capital Group

?Madison Capital Group, headquartered in Charlotte, N.C., specializes in real estate investments with a focus on the self-storage and multifamily sectors. The company is the parent entity of Go Store It Self-Storage, a non-traded direct investment sponsor emphasizing self-storage, and Madison Communities, a vertically integrated real estate development and investment firm dedicated to crafting high-quality, suburban, garden-style apartment communities throughout the Southeast. For more information, visit madisoncapgroup.com.