Updated Jun 17, 2026
Kolter Group's Bobby Julien Secures $92 Million Construction Loan From Madison Realty Capital In Delray Beach
2101 South Congress Avenue
$92,000,000
Units
386
Asset Type
Development Site
Closing
Jun 17, 2026
About this deal
AI
The asset involved in the transaction is a 12.31-acre development site located at 2101 South Congress Avenue in Delray Beach, FL. The loan amount for this construction project totals $92 million, facilitated through Madison Realty Capital. The site will host a mix of market-rate and workforce housing units in alignment with Florida’s Live Local Act, with completion expected in late 2027.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $92,000,000
- Lender: Josh Zegen - Madison Realty Capital
- Landlord: Bobby Julien - Kolter Group
- Market: Delray Beach, FL
- Asset Size: 12.31 acres
This transaction is noted for the involvement of two key individuals: Josh Zegen represents Madison Realty Capital, which provided the construction loan, while Bobby Julien represents Kolter Group, the landlord developing the project, Alton Delray, which will consist of 386 apartment units.
On the Map
$92,000,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93