RXR Provides $90M Loan to Madison Realty Capital Affiliate for New Jersey Multifamily Project

Why It Matters

The refinancing injects capital into a high‑density, transit‑oriented asset, bolstering New Jersey’s rental inventory near New York City and signaling confidence in post‑pandemic multifamily demand.

Key Takeaways

• $90M loan refinances 300‑unit Clifton project
• Project located 17 miles from Manhattan
• Madison Realty Capital acquired stalled site 2024
• Lease‑up phase underway, full completion mid‑2026
• Amenities include pool, gym, game lounge

Pulse Analysis

The infusion of a $90 million loan into the Clifton & Company development underscores a broader shift in multifamily financing, where lenders are increasingly targeting newly built, transit‑adjacent assets. As urban workers seek affordable alternatives to Manhattan’s high rents, developers are positioning projects within a 30‑minute commute to capture this demand. Refinancing early‑stage projects not only reduces construction risk for investors but also locks in favorable interest rates before potential market tightening.

RXR’s involvement, paired with Madison Realty Capital’s strategic acquisition of the former Black Prince Distillery site, illustrates how opportunistic capital can revive stalled projects. By assuming ownership in 2024 and securing financing through Newmark, the partners transformed a dormant parcel into a vibrant residential community. The development’s mix of studios to two‑bedroom units, coupled with amenities such as a pool and fitness center, aligns with evolving renter preferences for lifestyle‑focused living spaces.

For investors, the Clifton project offers a compelling case study in value creation through asset repositioning and proximity to major employment hubs. The loan’s structure likely reflects confidence in the project's cash‑flow projections, given its lease‑up momentum and access to NJ Transit. As the Northeast continues to experience robust multifamily demand, similar refinancing deals may become a catalyst for unlocking equity in other underutilized sites, reinforcing the region’s housing supply pipeline and delivering attractive risk‑adjusted returns.

Deal Summary

RXR has closed a $90 million loan to refinance the 300‑unit Clifton & Company apartments in Clifton, New Jersey. The loan was secured by an affiliate of Madison Realty Capital, which took ownership of the development in October 2024. The financing, negotiated by Newmark, supports the lease‑up phase of the multifamily project.