Priority Capital Advisory Closes $11M to Recapitalize Madison Hotel-to-MF Conversion
Zachary Streit, Founder and President of Priority Capital Advisory, announced the closing of an $11.5 million senior loan on behalf of REALM and OTR Real Estate for the recapitalization of Vivo Madison, a 153-unit multifamily property located at 517 Grand Canyon Drive in Madison, Wisconsin.
The joint venture acquired the property, which was a Radisson Hotel at the time of acquisition, in April 2023 and converted the hotel into a multifamily asset, with the main scope of work including adding kitchenettes in all units and building out common-area amenities. The property is currently 56% leased with full occupancy anticipated by the end of this year.
“Vivo Madison required a highly customized capital solution for an asset that was still stabilizing after its conversion,” said Streit. Vivo Madison features 147 studio units and six one-bedroom units. The two-story asset is situated on 4.53 acres adjacent to University Research Park, a 1.8 million-square-foot life sciences and technology corporate campus. It is also a 10-minute drive from the University of Wisconsin–Madison and is within walking distance of West Towne Mall.
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National City Investment Group Commences Workforce Housing Build
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Levin Johnston Closes Apartment Sale in One of San Jose’s Strongest Submarkets
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout