An ongoing residential development in Albemarle County just north of Charlottesville recently received a boost in funding. Construction has already begun on the 86-unit, multifamily apartment complex, Madison Charlottesville, on Rio Road just off U.S.
29 under the joint direction of Charlotte, North Carolina-based Madison Capital Group and Vero Beach, Florida-based Inlet Property Company. The development, which began in the second quarter of this calendar year, has just been approved for a $17 million senior loan from Atlanta-based investment holding company Longline Financial. “We’re pleased to have the opportunity to partner with experienced deal sponsors like Madison Capital Group and Inlet Property Company on this transaction to provide high quality rental housing to the supply constrained Charlottesville market,” Jeremy Herman, Longline’s director of investments, said in a statement announcing the news.
A rendering of the Madison Charlottesville apartment complex under construction on Rio Road in Albemarle County just north of the city. The apartment complex is expected to be ready for move-in by the end of 2025, according to the developers, who have not yet indicated how much the "luxury" units will cost. This is the second project Madison Capital Group has undertaken in the Rio Road area north of Charlottesville.
In March, the real estate development group broke ground on a 92,000-square-foot self-storage facility on Rio Road with 704 climate-controlled units. .
