Josh Zegen Of Madison Realty Capital Secures $90 Million Refinance Loan For Multifamily Development In Clifton

The property asset is a 300-unit multifamily development located at 691 Clifton Avenue in the Clifton market. The asset is currently in lease-up following the completion of its first phase in early 2026. The property secured a refinancing loan of $90 million from RXR.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $90,000,000
• Lender: RXR
• Landlord: Josh Zegen - Madison Realty Capital
• Brokers: Jordan Roeschlaub, Nick Scribani, Ricky Braha & Samuel Speciale - Newmark

The $90 million refinancing loan was negotiated by Newmark, which positioned the transit-oriented project for stabilization near the New Jersey Transit station, approximately 17 miles from Midtown Manhattan.