FORT LAUDERDALE, FL – Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided a $65.0 million construction loan to finance completion of the Riva condominium development in Fort Lauderdale, FL.

Riva is a riverfront luxury residential project located within a mile of Fort Lauderdale Beach and offering 100 residential units with four distinct unit types, an expansive club deck, extensive amenities, and ample parking. Riva is currently 55% presold, largely to local buyers from Broward County and other domestic purchasers. Construction is 65% complete and expected to end in September.

Josh Zegen, Co-Founder and Managing Principal of MRC, made the announcement. “Riva is a perfectly 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 Highway in Fort Lauderdale, on a site with 400 feet 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 square foot club deck on the fourth floor overlooking the river. The club deck space will incorporate several amenities, including a 7,000 square foot fitness center, 2,500 square foot club room, 1,500 square foot 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 square feet, with an average unit size of 2,402 square feet. All units will offer the finest luxury appointments. Riva also has a ground-floor commercial unit totaling 8,000 square feet 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.

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TAMPA, FL – Campus Advantage, a leader in student housing, providing property management, consulting, acquisitions, and development services, announced it has closed on the sale of 42North, a 420 bed student housing property located near the University of South Florida campus, through its investment partnership with a large state pension fund.

Campus Advantage bought 42North in 2014 and successfully executed on its value-add investment strategy, infusing capital to cure deferred maintenance. That, combined with an integrated marketing approach delivered by partner and industry specialist Catalyst, and the company’s proven operations expertise, enhanced the property’s overall appeal in the market. Since its acquisition 36 months ago, Campus Advantage increased Net Operating Income (NOI) by approximately 25.8%, or 5.9% annually compounded.

“Campus Advantage has a well-established track record of making value by turning around, stabilizing, and optimizing struggling assets, building equity for our investment partners,” said Michael Orsak, Senior Vice President of Investments for Campus Advantage. “As we’ve experienced with other recent dispositions, our solid investment strategy, Students First residence life programming, and involvement in conducting renovations to 42North resulted in a significant increase in the property and community value, making the asset more profitable.”

Since 2007, Campus Advantage has bought more than $1.25B in student housing assets through its partnerships, with round trips on more than $400M. This has resulted in Campus Advantage’s brilliant investment return performance, which since the Company’s inception has exceeded both NCREIF Property Index (NPI) and PREA | IPD U.S. Property Fund Indexes.

“Because of our consistency in maintaining and operating each of our properties to the highest standard, we are able to make an environment that our residents like, resulting in maximum occupancy, rental rate growth and returning resident ratios,” said Mike Peter, President and CEO of Campus Advantage. “Clients know that when you partner with us, you’ll get a fantastic return on investment and we look forward to continuing to provide our proven, value-add expertise to the benefit of future clients and partners.”

This is Campus Advantage’s second successful property disposition within the past month following its recent announcement of the sale of On50, also located near the University of South Florida campus. The company is recycling investment capital gains to support opportunities in tier one markets.

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