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Madison Realty Capital (MRC) is a New York City-based real estate private equity firm focused on real estate debt and equity investment strategies. Founded in 2004, MRC has invested in approximately $10 billion of transactions in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base consisting of corporate and public pension funds, sovereign wealth funds, university endowments, foundations, fund of funds, family offices, and high net worth individuals.

MRC is a fully integrated firm with over 70 employees across all real estate investment, development, and property management disciplines. Debt strategies include construction and acquisition lending, special situation financing and debt acquisitions; equity real estate strategies include opportunistic and value-add investments as well as ground-up development. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders.

Updates

Raffles Boston Back Bay Hotel & Residences
- May 29, 2020

$15M Plumbing Permit Pulled for Raffles EM Duggan has pulled a plumbing permit valued at $15M for The Raffles Boston Back Bay. The 33-story tower will feature 146 luxurious condominium residences atop 147 hotel rooms. Construction is expected to last through early 2022.  


Raffles Boston Back Bay Hotel & Residences
- May 20, 2020

Construction Resumes on $400M Raffles Boston Back Bay Following the city-wide COVID-19 shutdown, construction has resumed for the $400 million Raffles Boston Back Bay Hotel & Residences, developed by Saunders Hotel Group, The Noannet Group and Cain International. Following new guidelines set forth by the Mayor, Suffolk Construction has made extensive modifications to create a safe workspace for all construction workers. New site protocols include modified site access so that all workers will enter the site through a temperature reading tent, an on-site safety office, multiple generator-powered hot water hand washing stations, infrared cameras monitoring temperature ranges, and segregated areas for different trades.  Projected to open in early 2022, the 33-story, Raffles Boston Back Bay Hotel & Residences will be the first mixed-use property in North America for the world-renowned and iconic hospitality brand. The project will feature 147 guestrooms, 146 branded residences, and six food and beverage venues. The project will also provide over $22 million in public benefits in total, including street and public realm improvements, seven on-site affordable housing units and a contribution of over $13 million that will support additional affordable housing in Boston.  When asked about an updated timeline for the project because of delays, Developers Gary Saunders of Saunders Hotel Group and Jordan Warshaw of The Noannet Group who are developing the project in partnership with Cain International told BLDUP "We broke ground in September 2019 and began site demolition in December 2019. We ceased construction in mid-March per the Mayor’s orders, but we are still on track to deliver in 2022." "Overall, we are fortunate to have had a very mild winter in Boston, free of the snowstorms and Nor'easters that can typically delay work.  So apart from the COVID-19 shutdown, construction was full steam ahead between Fall 2019 and Winter 2020. We are excited to resume!"  


Raffles Boston Back Bay Hotel & Residences
- Feb 05, 2020

Major Demo Now Underway at Raffles Site While interior demo has ongoing for a few months as reported here on BLDUP major demolition is now underway at the Raffles Boston site in Back Bay. The upcoming 33-story tower will feature 146 luxurious condominium residences atop 147 five-star hotel rooms. The flagship North American property will also offer six distinct food and beverage venues, a state-of-the-art Raffles Spa with a 20-meter indoor pool and fitness club, a rooftop garden terrace and lounge, and impressive meeting and pre-function space.


Raffles Boston Back Bay Hotel & Residences
- Jan 21, 2020

Demo of Boston Common Hotel & Conference Center Ongoing to Make Way for Raffles Boston Demo of the Boston Common Hotel and Conference Center in Back Bay is ongoing to make way for Raffles Boston. The upcoming 33 story tower will feature 146 luxury condos on the upper floors with a 154 room hotel below. Amenities for guests and residents will include five distinct food and beverage venues, a state-of-the-art Raffles Spa with a 20-meter indoor pool, a stunning rooftop garden terrace and lounge, and expansive meeting and pre-function space. The project is expected to be completed in 2022. 


Raffles Boston Back Bay Hotel & Residences
- Dec 15, 2019

$12M Electrical Permit Pulled for Raffles Boston A permit valued at $12M has been pulled for electrical service for the upcoming Raffles Boston. The Back Bay tower will feature 146 luxury condos atop 154 hotel rooms. Amenities at the luxury property will include a two-story sky lobby perched high above Copley Square, five distinct food and beverage venues, a state-of-the-art Raffles Spa with a 20-meter indoor pool, and a rooftop garden terrace and lounge. Raffles Boston Back Bay is scheduled to open in 2022 and will be the brand's first mixed-use property in North America.


Raffles Boston Back Bay Hotel & Residences
- Sep 27, 2019

North America's First Raffles Officially Breaks Ground With demolition ongoing around the block at the project site, the development team behind the upcoming Raffles Hotel and Residences hosted a groundbreaking ceremony last night in Copley Square. Guests to the fancy fete included Mayor Walsh who said the project would be a "stunning and fitting addition to Boston and Back Bay".  The 33 story tower will feature 146 luxury condos above 154 hotel rooms with 16 spaces for people to gather or relax throughout the project including a speakeasy in the sky and residents only secret garden. Demo of the existing Boston Common Hotel & Conference Center has kicked off to make way for Raffles Boston. The tower, which has been 8 years in the making, will be Raffles first location in North America and promises to be truly unique by embracing it's Back Bay location while offering the excellent hospitality Raffles is known for across the globe. Jordan Warshaw of the Noannet Group with the new Raffles world map now including Boston, their first North American location.  


Raffles Boston Back Bay Hotel & Residences
- Jul 08, 2019

Raffles Boston Financed for $314 Million New York-based Madison Realty Capital has financed the Raffles Boston Back Bay Hotel & Residences project for $314 million. The tower will feature 146 luxurious condominium residences atop 154 hotel rooms, expansion space for the adjacent University Club and ground-floor restaurant space. Amenities at Raffles Boston will include lounges, conference/ballroom areas and a pool/fitness center available to both building residents and guests. Parking will be provided at area garages. The tower will replace the existing Boston Common Hotel and Conference Center, an eight-story, 84,200-square-foot building featuring 64 hotel rooms and a 13,650-square-foot conference facility. 40 Trinity Place will be located steps from the South End, Newbury Street and Downtown Boston, convenient to rapid transit and commuter rail lines.


Raffles Boston Back Bay Hotel & Residences
- Apr 26, 2018

The first mixed-use Raffles property in North America coming to the Back BayIllustrious hospitality brand Raffles Hotels & Resorts, part of AccorHotels, in partnership with hoteliers Gary and Jeffrey Saunders of Saunders Hotel Group and developer Jordan Warshaw of The Noannet Group of Boston, today announced the signing of definitive agreements to debut the first mixed-use Raffles property in North America. Scheduled to open in 2021, Raffles Boston Back Bay Hotel & Residences promises to be a welcoming oasis of refined elegance comprised of a distinctive hotel as well as exquisitely appointed residences, located in the heart of Boston, Massachusetts. “We are proud to announce the introduction of Raffles Hotels & Resorts, one of our portfolio’s most iconic and beloved luxury brands, to Boston, an American city with a powerful history of cultural significance and landmark events,” said Kevin Frid, COO of AccorHotels North & Central America. “As the only Raffles property on the continent, the hotel will bring to North America the unparalleled standards of excellence for which the Raffles brand is celebrated. We are certain that Raffles Boston Back Bay Hotel & Residences will become a legendary address for unsurpassed service, extraordinary style and distinctive experiences for years to come.” Joining a prestigious collection of 12 individually unique and timeless Raffles properties around the world, the mixed-use development project will set the standard for refined hospitality and residential living in Boston. The property will include 147 guestrooms and 146 branded residences in a striking new 33-story building. Catering to the most discerning travelers and residents, Raffles Boston Back Bay will offer the impeccable and bespoke service, intuitive charm and extraordinary adventure that are synonymous with the Raffles name. Hotel highlights include a mix of signature hotel services such as the Raffles Butler, and elegant and lively public spaces including a two-story sky lobby perched high above Copley Square, five distinct food and beverage venues, a state-of-the-art Raffles Spa with  a 20-meter indoor pool, a stunning rooftop garden terrace and lounge, and expansive meeting and pre-function space. Located at the corner of Stuart Street and Trinity Place, the project is destined to reinforce the Back Bay as a first-class international neighborhood. Raffles Boston Back Bay Residences will be a sophisticated urban sanctuary that includes a unique collection of pied-a-terre suites, one- to three-bedroom homes and magnificent penthouses. In an unrivaled residential experience, residents will have preferred access to all the elegance, charm and attentive services provided by Raffles Boston Back Bay, including exclusive membership in the resident-only tier of the company’s guest recognition and loyalty program, which features VIP status and access to special benefits within the AccorHotels portfolio. There will also be a variety of intimate residents-only gathering places and exclusive offerings to be announced closer to the official unveiling.   For more than 130 years, Raffles Hotels & Resorts has celebrated the individual personalities and stories of its hotels, each featuring a design aesthetic that embraces and reflects the culture of the destination and community in which it resides. A team of award-winning architectural and design firms has been carefully selected to bring the Raffles Boston Back Bay Hotel & Residences to life, with an inimitable personality that is uniquely “of Boston.” Raffles Boston Back Bay Hotel & Residences will boast an impressive and dramatic exterior designed by Boston-based architectural firm The Architectural Team, Inc.; as well as elegantly appointed hotel interiors fashioned by Stonehill Taylor; and stylish and sophisticated residential interiors created by Rockwell Group. Located in the heart of the Back Bay, Boston’s most prestigious neighborhood, Raffles Boston Back Bay is conveniently adjacent to the Boston Back Bay Train Station and is within a block of Copley Square, Fairmont Copley Plaza, Trinity Church and high-end shopping at Copley Place. It is also within a short walk to other primary attractions such as the world-renowned shops and galleries of Newbury Street and Prudential Center, Fenway Park, the Museum of Fine Arts, and dozens of fine dining restaurants. The hotel and residential project will provide many public benefits, including an affordable housing package worth in excess of $20 million plus an additional $2 million in significant improvements to the local streets and pedestrian environment. It will create approximately 700 construction jobs and provide hundreds of permanent jobs.


Raffles Boston Back Bay Hotel & Residences
- Nov 02, 2017

Early 2018 groundbreaking expected for 31-story 40 Trinity hotel and residential tower in Back Bay Proponents of an approved 31-story condominium and hotel tower at 40 Trinity Place in the Back Bay, which will replace the existing Boston Common Hotel, are progressing towards an anticipated early 2018 groundbreaking. The existing hotel’s last day of service will be November 18th, clearing the way for demolition of the existing eight-story building and construction of the tower. 40 Trinity Place will contain 146 condominium residences above 154 hotel rooms, with an expansion space for the adjacent University Club and ground-floor restaurant space.


Raffles Boston Back Bay Hotel & Residences
- Mar 22, 2016

A Notice of Project Change (NPC) was submitted recently for the approved development at 40 Trinity Place in Copley Square. Developer Trinity Stuart LLC now proposes a 31-story tower with 154 hotel rooms and 146 residential units. The number of proposed hotel rooms has been reduced by 73, while the number of proposed residential units has been increased by 31. Previously proposed on-site affordable housing units have been eliminated; instead, 39 affordable housing units would be built off site. A total of 17 on-site affordable units were previously proposed.A two-story parking garage previously proposed for floors 4 and 5 has been eliminated; under the previous proposal, 40 Trinity Place would have risen 33 stories. The building's height has been reduced by seven feet to 393 feet tall under the current proposal. Trinity Stuart LLC has entered long-term agreements with area parking garages to supply parking to building residents and hotel visitors.An approximately 11,300 square foot expansion for the existing Boston Common Hotel's University Club on the proposed building's third floor has been retained under the current proposal. Amenities previously proposed for the building's 18th and 19th floors will now be located on the 15th and 16th floors. Minor changes have been made to the proposed building's ground floor.An exterior rendering of the latest proposal is posted above. Renderings of the proposed 15th and 16th floor amenities are posted below along with a second exterior rendering.


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Raffles Boston Back Bay Hotel & Residences
40 Trinity Place, Boston, MA, 02116