Madison Capital Lands $34M for NC Project
The property will be part of a $3 billion master-planned community.
Madison Capital Group has secured $34.2 million in financing for the development of Madison Aquiline, an upcoming 218-unit, garden-style luxury community in Apex, N.C., inside metro Raleigh-Durham. Centennial Bank issued the note while JLL represented the developer in the negotiations. Â
Amenities will comprise granite countertops, a clubhouse with gym and swimming pool, as well as a pool deck featuring grilling stations and a fire pit. Moreover, plans also call for a cyber lounge, cafe and workspaces.
Located at 1506 E. Williams St. in Wake County, the development is less than 1 mile from U.S. Route 1 while downtown Raleigh is roughly 14 miles northeast. The Research Triangle Park, where employers such as Dell, Lenovo and IBM operate, can be found roughly 20 miles north.
READ ALSO: Let’s Build the Right Kind of Housing
The project will rise inside RXR’s Veridea, a $3 billion master-planned community spanning more than 1,100 acres. Zoning allows for the construction of up to 8,000 residential units, 12 million square feet of commercial space—including life sciences, warehouse and industrial—as well as 3.5 million square feet of retail, hospitality and civic uses.
JLL Senior Managing Director Travis Anderson alongside Director Warren Johnson represented Madison Capital Group in the financing proceedings.
Raleigh-Durham multifamily deliveries hold steady
Against the backdrop of Apex’s population burst, which spiked by 90 percent since 2010, as well as Wake County’s economic incentives, which award business development grants based on certain thresholds related but not limited to investment and job creation, Apex’s multifamily supply pipeline bloomed.
As of September, the city had more than 590 apartments underway and upward of 5,300 units in the planning and permitting stages, which accounted for 4.7 percent of the total planned metro Raleigh-Durham units, according to Yardi Matrix data.
On a wider, metro-level scale, developers delivered 3,013 units during the first four months of the year while also having had 25,193 apartments under construction, the data provider shows. Additionally, Yardi Matrix expects 11,611 units to come online in 2024, a substantial increase from last year’s figure of 8,579.
The supply glut likely affected the advertised asking rates as they cooled by 0.1 percent on a trailing three-month basis through April and contracted by 2.9 percent year-over-year, according to the same source. Yardi Matrix’s advertised rental market forecast envisions a 0.6 percent decline by the end of the year.
