Madison Realty Capital finances Beverly Hills condo project amid West Coast expansion
The lending and investment firm opened its first office in LA last year
Madison Realty Capital has provided construction financing for a condominium project in Beverly Hills, as the real estate investment and lending firm continues its West Coast expansion.
New York-based Madison provided a $20 million construction loan for a 16-unit project in Beverly Hills, at 154 North La Peer Drive, the company announced. The four-story development will be 34,000 square feet.
The borrower was Lenlib Lapeer Inc., records show. It is affiliated with MarMar Group, which calls itself a family-owned real estate investment company. The company is affiliated with Leonard Rosenblatt, Libby Faith Markowitz and Marvin Markowitz.
Madison also financed a $15.1 million construction loan for a 16-unit condominium at 2750 4th Ave. in San Diego. INI Greenfield was the borrower, according to records.
In June 2018, Madison opened its first West Coast office, at the Westwood Gateway complex in Sawtelle. The recent construction loans are something of a departure for Madison, which has targeted financing for large condo developments, especially those encountering difficulties getting off the ground.
In April, Madison closed on its latest debt fund, having raised more than $1 billion for Madison Realty Capital Debt Fund IV LP. The fund originates and acquires commercial mortgage loans, mezzanine loans and preferred equity interests.
Jerome Dineen contributed reporting.