News Outside the Region: Madison Realty Capital provides $65 million loan for condo construction project

Ft. Lauderdale, FL Madison Realty Capital (MRC), provided a $65 million construction loan to finance completion of the Riva condominium development. Riva is a riverfront residential project near Fort Lauderdale Beach and offering 100 residential units with four unit types, a club deck, amenities, and parking. Riva is located at 1180 North Federal Hwy. with 400 ft. of frontage on the Middle River. Riva is currently 55% presold, largely to local buyers from Broward County and other domestic purchasers. Construction is 65% complete and expected to finish in September.

Josh Zegen, co-founder and managing principal of MRC, made the announcement. “Riva is a beautifully designed and well-located condominium development with outstanding amenities, and we’re pleased to provide the financing solution to help the sponsor complete and deliver the project,” Zegen said. “The property’s sales performance to date indicates success in attracting local buyers. In a market where many South Florida condominiums are reliant on cross-border customers, the ability to tap into a domestic customer base made Riva a more attractive financing prospect.”

Riva is located at 1180 North Federal Hwy. with 400 ft. of frontage on the Middle River. 

Central elements of the building’s design and lifestyle are the 60-foot wide glass lobby with river views, and 40,000 s/f club deck on the fourth floor overlooking the river. The club deck space will incorporate several amenities, including a 7,000 s/f fitness center, 2,500 s/f club room, 1,500 s/f kitchen, private wine lockers, dog park, and full-size lap pool. 22 of the residential units will be sold with boat slips. Additional amenities include concierge and valet services. 

Of the 100 units, 40 will have water views, 32 will have views of Downtown Fort Lauderdale, and 28 will offer both water and Downtown views. Floorplans range in size from 1,538 to 8,788 s/f, with an average unit size of 2,402 s/f. All units will offer the finest appointments. Riva also has a ground-floor commercial unit totaling 8,000 s/f that is expected to be sold for retail or restaurant use.

The sponsor is an experienced developer that has built over 2,000 residences in Florida with an aggregate value of $800 million.