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Two Madison LLC Developments Secure Construction Financing

Two Madison LLC Developments Secure Construction Financing. Alternative investments, commercial real estate, Madison Capital Group, Madison Communities, Florida, North Carolina, multifamily

Through adviser-distributed, retail investments funds, Madison Communities has secured construction loans on two new apartment communities under development in the Southeast.

The first is an $80 million construction loan for a 320-unit multifamily community in the Lower South End neighborhood in Charlotte, N.C. Financing was provided by META Real Estate Partners and Bank of America, while Patterson Real Estate Advisory Group served as the capital adviser and facilitated the sourcing of the loan. The unnamed development is tied to MCG South End Investors LLC, a $25 million private placement launched in September 2023.

“Completing a deal of this size in this current environment is difficult. But we are fortunate to have a great partner in META,” said Ryan Hanks, chief executive officer of parent company Madison Capital Group. “The LoSo submarket continues to be an attractive place for residents to live, and we are excited to build what we think will be a signature community in the marketplace.”

Located at the intersection of S. Tryon Street and E. Peterson Drive, the community will be adjacent to Charlotte’s oldest brewery. Lower South End offers easy access, according to Madison Communities, to major transportation arteries including I-77 and Billy Graham Parkway. Within walking distance of the community, a light-rail station provides convenient access to South End, Uptown Charlotte, and beyond. South End and Uptown Charlotte are also two of the region’s largest employment centers. Over the past decade, Lower South End has emerged as a hub for innovation and economic growth, attracting diverse tech companies, financial institutions, and leading employers.

In addition and in partnership with Heitman – a global real estate investment management firm with more than $51 billion in assets under management – Madison Communities successfully closed a $44 million construction loan for Madison Bonita Springs. This Class A apartment community development project in Bonita Springs, Fla., is partially financed by Madison Bonita Springs Investors LLC, a $9 million private placement fund launched in July 2022. First Citizens Bank provided the financing and Patterson Real Estate Advisors again facilitated the loan.

“Securing this construction loan for Madison Bonita Springs reflects our unwavering dedication to delivering exceptional living experiences in high-demand, high-barrier markets,” said Hanks.

“Madison Bonita Springs represents an excellent opportunity to capitalize on the robust economic development momentum in the area,” said Sarah Bertrand, assistant vice president of Heitman private debt origination. “We are confident in the success of this project and its alignment with our investment objectives.”

Situated in a high-growth area between Naples and Fort Myers, Madison Bonita Springs leverages the economic development momentum of the region, according to Madison Communities. The property’s location on Bonita Beach Road and adjacent to the I-75 interchange offers convenient access to major transportation routes. The proximity to healthcare institutions like Lee Health and the NCH Healthcare System, as well as the upcoming Arthrex Headquarters, underscores the area’s appeal for residents and investors alike.

Madison Bonita Springs location also offers proximity to recreational amenities such as Barefoot Beach, luxury resorts like the Ritz Carlton Naples and Naples Grand Beach Resort, and entertainment options including the Seminole Casino Hotel in Immokalee.

The contractor BenCo says the first units of the 252-unit project will be complete in the third quarter of 2025.

Madison Capital Group, based in Charlotte, N.C., and Charleston, S.C., invests in real estate and private equity with a primary focus in the self-storage and multifamily sectors. Madison Capital is the parent company of both: Go Store It Partners – a non-traded direct investment sponsor that focuses on the self-storage; and Madison Communities – a vertically integrated real estate development and investment firm focused on building high-quality, suburban, garden-style apartment communities throughout the Southeast.

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