Madison Capital Group has successfully secured a $33.5 million loan from First Citizens Bank, with the assistance of Berkadia, as well as a $15.3 million preferred equity raise for Madison Melbourne Preferred Investors, LLC. These funds will be used to support the development of Madison Midtown in Melbourne, Florida – a luxurious 240-unit multifamily housing community.
The property is located at 1034 South Babcock Street on a spacious 14-acre site and was previously occupied by Sears. This prime location falls within the Palm Bay-Melbourne-Titusville metropolitan area – also known as Florida’s Space Coast.
In addition to Madison Midtown, another project currently underway by Madison Capital Group is an adjacent Go Store It Self Storage facility.
Residents of Madison Midtown can look forward to upscale apartment features such as a modern clubhouse complete with demonstration kitchen, cyber lounge with flexible workspaces for remote work needs, resort-style pool featuring cabanas for relaxation and entertainment purposes and even a bark park equipped with dog wash facilities.
