Madison Realty Capital Funds $61M Loan for Sanz Property Management’s 135-Unit North Bergen Tower

• Madison Realty Capital originated a $61 million loan for the lease-up of Braddock Park West
• Project includes 135 luxury units with retail and parking in North Bergen
• Property is 22 percent leased with strong early demand

What this financing means for the lease-up strategy

Madison Realty Capital has provided a $61 million bridge loan to support the lease-up of Braddock Park West, a newly completed multifamily asset in North Bergen. The financing allows Sanz Property Management to stabilize the property following completion, a critical phase where capital is often needed to drive occupancy.

Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “North Bergen benefits from strong rental demand, limited new construction, and direct connectivity to Manhattan.”

What the asset brings to the market

Braddock Park West is a 10-story, 227,000-square-foot tower with 135 units, averaging 801 square feet. The property includes ground-floor retail, a 141-space parking garage, and a full amenity package, positioning it as a Class A multifamily asset. Its location near the Lincoln Tunnel and direct access to a 167-acre park enhance its appeal to renters seeking connectivity and lifestyle amenities.

What leasing performance signals

The property began pre-leasing in January 2026, with move-ins starting in February. As of March, it is approximately 22 percent leased. This early traction supports lender confidence in the asset’s ability to reach stabilization, especially heading into peak leasing season.

Zegen noted that “early proof of concept gave us strong conviction to move quickly and provide certainty of execution.”

What the capital markets activity shows

Walker & Dunlop arranged the floating-rate, interest-only loan through its capital markets team led by Jordan Casella.

Casella said, “Braddock Park West represents a best-in-class addition to one of North Hudson County’s most supply-constrained corridors.”

The deal reflects continued activity in bridge lending for multifamily lease-ups, particularly in supply-constrained submarkets near New York City.

What this means for investors and lenders

This transaction highlights ongoing demand for well-located multifamily assets in Northern New Jersey, where proximity to Manhattan continues to drive rental demand. For lenders, lease-up financing remains an attractive opportunity to deploy capital into near-stabilized assets with strong fundamentals. For investors, the deal reinforces confidence in Gold Coast submarkets like North Bergen, where limited supply and strong connectivity support long-term performance.