Madison Capital Group, LLC ("Madison"), acting as exclusive financial advisor to American Land Ventures, has arranged joint venture equity, first mortgage financing, and made a principal investment in the acquisition and conversion of The Strand, a 295-unit luxury high-rise community currently under construction on the south bank of the St. Johns River in Downtown Jacksonville, Florida.
"The Strand represents Madison's continued ability to close on unique and complex transactions. Through Madison's extensive capital relationships, market knowledge and deal structuring ability, we were able to arrange attractive joint venture equity prior to the project receiving its final C.O., allowing the buyer to begin presales and marketing without incurring the expense of carrying the building," explained Timothy E. Martorella, Managing Director.
The Strand will be the only waterfront residential project in downtown Jacksonville delivering in 2007. Undergoing a massive revitalization, downtown Jacksonville currently offers limited multifamily residential options creating a pent-up demand for quality condominium living in the Jacksonville CBD. With only two other large residential projects in the downtown area under construction, both of which have been substantially sold out, The Strand will be in a unique position to capitalize on this unmet demand.
Future residents of The Strand will enjoy magnificent, broad-sweeping views of the St. Johns River and immediate proximity to many retail, dining and entertainment options and an elevated monorail that provides passenger transport in and around the Downtown Jacksonville CBD. The project will include a professional fitness center with state-of-the-art cardiovascular equipment and weights, a wellness center where residents can indulge in massage therapy and other similar spa-like services and a sixth-floor recreation deck with swimming pool. The unit mix is comprised of studios, one-, two- and three-bedroom units averaging nearly 1,200 square feet.
About Madison Capital Group, LLC
Madison Capital Group, LLC is a real estate investment and merchant banking firm based in Miami. The firm has a product focus on apartments, condominiums, condo-hotels, and mixed-use projects and offers a broad range of financial and transactional capabilities to owners of existing or to-be-developed properties and land suitable for these types of development. The firm has closed transactions of all these types of projects in excess of $1.5 billion in the last three years with over $600 million currently in the pipeline.
About American Land Ventures, LLC
American Land Ventures, LLC is a Miami-based multi-family developer and owner, having developed more than 3,500 condominiums, high-rise, mid-rise and garden apartments in Florida. The firm specializes in urban infill projects, and is currently constructing The Peninsula at Jacksonville, a 234-unit luxury high-rise condominium community located adjacent to The Strand in downtown Jacksonville. Other recent projects include Phase II of the New River development, a 409-unit luxury condominium project located in Downtown Fort Lauderdale on the New River and The Residences at the Fountains, a 239-unit to-be-developed luxury apartment community in Plantation, Florida.