MAG Real Estate & Development, a Based on Delray Beach full service development and construction management company, is moving forward with two multi-family projects in Pompano Beach and Lake Worth, Fla., Commercial Observer has learned.
Capital Real Estate Madison loaned $ 61.5 million for the construction of Aviara East Pompano and The value of Lake Aviara, according to sources close to the deal.
The Lake Worth development will include 36 townhouses, a source said. MAG purchased the 3.8 acre site from 307 New Jersey Street, just east of Dixie Highway, for $ 1.2 million in 2019, according to property records.
The working-class town sits right across the Intracoastal Waterway from chic Palm Beach, home to billionaires such as black stone‘s Stephen schwarzman and old President Trump.
The Pompano Beach project, 30 miles on Route 1, will contain a two-building complex with a common ground floor, dedicated to retail, the sources said. The buildings will stand at eight and six floors respectively and will contain 228 units in total.
Located at 1621 S Dixie Highway, the project is located along one of the busiest arteries in South Florida, north of Fort Lauderdale. MAG purchased the plot, which contained a one-story storage facility, for $ 2.1 million in 2017, per case.
MAG representatives did not respond in time for comment. BayBridge Capital Real Estate‘s AJ Felberbaum, Jay miller and Spencer miller recommended MAG. They declined to comment.
Pompano Beach gets a makeover with the Associated group doubling over the quiet seaside town. Considered one of South Florida’s largest condo developers, Related has opened a luxury building, Solemar, in May and got approval for a nearby 21-story tower in September.
“As employers continue to expand in Broward County, Pompano has emerged as one of South Florida’s fastest growing markets, but the city lacks new, high-quality rental housing options.” Josh zegen, managing director and co-founder of Madison Realty Capital, said in a prepared statement.
It’s been a busy week for Madison Realty Capital of Zegen, South Florida. The New York firm loaned $ 310 million to the Chetrit Groupmixed-use project in the Brickell neighborhood of Miami.