Funding Will Complete Construction on $180 MMCondo-Hotel

Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided$70.0million of construction financing to developer Moses Bensusan’s Liberty Grande LLC for the Meliá Costa Hollywood Beach Resort, a six-story, 307-unit condo-hotel located at 777 North Ocean Drive in Hollywood Beach, FL.

The funding that MRC provided will complete construction on the $180 million project, which is currently 85 percent sold. The property topped out last year and completion is expected by year’s end. Eastern Union Funding senior loan consultant CJ Danziger and senior managing directorMeir Kessner originated the deal on behalf of the borrower.

"We are excited to provide this latest round of financing, which will fully capitalize this outstanding newly-constructed project," said Josh Zegen, Co-Founder and Managing Principal of MRC. "The South Florida region boasts one of the strongest performing hotel markets in the country and the fact that the Meliá Costa Hollywood Beach Resort is already 85% pre-sold speaks volumes about its long-term potential. We look forward to its completion."

The Meliá Costa Hollywood Beach Resort offers studio, one-bedroom, two-bedroom, and three-bedroom units. Amenities include a state-of-the-art fitness center and holistic spa; exclusive boutiques and restaurants; a rooftop infinity-edge pool, sun deck, and reflection pool; rooftop and lobby lounges; and an open courtyard.

The property, conveniently located between Miami and Palm Beach, is only 20 minutes to Fort Lauderdale-Hollywood International Airport and offers easy access to U.S. Route 1, Interstate 95, and the historic Hollywood downtown shopping and entertainment district.

About Madison Realty Capital (MRC)

MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $5billion of transactions in the multifamily, retail, office, industrial and hotel sectors.