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Madison Capital Group has secured nearly $49 million in combined debt and equity to support its development of Madison Midtown, a 240-unit multifamily community in Melbourne, Fla., which is in the central part of the state about 70 miles southeast of Orlando.

The debt component is in the form of a $33.5 million loan from First Citizens Bank brokered by Berkadia. The equity is a $15.3 million preferred equity raise for Madison Melbourne Preferred Investors LLC.