BRADENTON AND MELBOURNE, FLA. — Berkadia has originated two loans totaling $110.7 million for two multifamily developments in Bradenton and Melbourne. Alec Fox of Berkadia’s Tampa office secured the financing on behalf of the sponsor, Charlotte-based Madison Capital Group.
Berkadia secured $60 million in construction financing for Madison Bradenton, consisting of a $47 million senior loan provided by Peachtree Group and a $13 million mezzanine loan from Hickory CRE. The second transaction was $50.7 million in aggregate financing for Madison Midtown in Melbourne, consisting of a $33.5 million senior loan provided by First Citizens Bank and $17.2 million in preferred equity from Forum Capital Advisors.
Both properties will consist of 240 units and are slated for completion in 2026.