<body><div><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=0exlNh_1GnMFtwr00" alt="https://img.particlenews.com/image.php?url=0exlNh_1GnMFtwr00" width="820" height="510" ><p>Madison Realty Capital has originated a $97.5 million construction loan to fund development of Edmonds Green, a 411-unit multifamily community located at 7212 220th Street SW in Edmonds, Washington.</p><p>The project, a development of The Behar Company and HB Management, will include 10,500 square feet of ground-floor retail space. The loan is part of a total construction financing package of $131.9 million, inclusive of a $34.4 million mezzanine loan provided by Red Cove Capital. Samir Tejpaul, Head of Investments at Madison Realty Capital, led the transaction for Madison.</p><p>Edmonds Green will contain two residential buildings with a mix of studio, one-, two- and three-bedroom units. The development will also include 82 income-restricted apartments, representing 20% of the total units, through the City of Edmonds’ Multifamily Housing Property Tax Exemption program.</p><p>Exxel Pacific will serve as the general contractor. Construction is expected to be completed in the third quarter of 2029.</p></div></body>

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Madison Realty Capital has originated a $97.5 million construction loan to fund development of Edmonds Green, a 411-unit multifamily community located at 7212 220th Street SW in Edmonds, Washington. The project, a development of The Behar Company and HB Management, will include 10,500 square feet of ground-floor retail space. The...

Madison Realty Capital Provides $98M Construction Loan for WA Residential Project

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Madison Realty Capital has originated a $97.5 million construction loan to fund development of Edmonds Green, a 411-unit multifamily community located at 7

Madison Realty Capital Provides $98M Construction Loan for WA Residential Project

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