Madison Capital Group Closes $32.5 Million Loan for Madison Seagrass

Charlotte, N.C. – September 29, 2025 – Madison Capital Group Holdings (MCG) has closed a $32.5 million construction loan with Old National Bank for Madison Seagrass, a 234-unit garden-style apartment community in St. Johns County, Florida. Benco Construction, MCG’s in-house general contractor, will begin work immediately on a 20-month schedule.

Madison Seagrass is among the first projects to use Florida’s Live Local Act, which designates 40 percent of units as attainable housing. The six-building development will rise on 19.22 acres at the intersection of State Road 16 and Kenton Morrison Road in St. Johns County, directly adjacent to St. Johns River State College and near downtown St. Augustine.

St. Johns County has experienced a 67 percent population increase since 2010, making it one of the nation’s fastest-growing counties. It is the second-wealthiest county in Florida, with a median household income of $100,020, and is recognized for top-ranked schools, a strong workforce, low taxes, and an expanding regional airport.

“Madison Seagrass represents a significant investment in one of Florida’s most dynamic and desirable markets,” said Matt Wilcox, Executive Managing Director of Madison Capital Group. “Our goal is to deliver thoughtfully designed housing that meets the rising demand for quality rental living while honoring the character of the local community. With St. Johns County’s exceptional growth, strong economy, and lifestyle appeal, we believe this development will establish a new standard for modern multifamily living in the region.”

McCarley Davis, President of Madison Communities, added: “We are excited to close our first construction loan with Old National Bank and our first preferred equity investment with Benefit Street Partners for Madison Seagrass in St. Johns County. While the process had its share of stops and starts, both partners demonstrated steadfast commitment in getting us to the finish line. We look forward to beginning construction and strengthening our partnerships with these respected financial institutions.”

Since 2009, Madison Capital Group has closed more than $3.0 billion in multifamily communities, self-storage assets, and land sites across the Southeast and Mid-Atlantic. The firm has deep experience in St. Johns County and surrounding submarkets, where Madison Seagrass marks its second multifamily development.

About Madison Capital Group Holdings, LLC

Madison Capital Group is a vertically integrated real estate investment, development, and management firm with a strategic focus on the self-storage and multifamily sectors. Through its multifamily platform, Madison Communities, the company owns and operates 24 properties with 10 additional communities under construction across six states. Madison Capital Group has built a reputation as a trusted partner to high-net-worth individuals, institutional investors, and family offices seeking to access and scale within U.S. real estate markets. Learn more at www.madisoncapgroup.com

About Old National Bank

Old National Bancorp (NASDAQ: ONB) is the holding company for Old National Bank, the largest financial services bank headquartered in Indiana. With more than 250 banking centers across the Midwest and South, Old National provides a comprehensive range of financial solutions, including commercial and consumer banking, wealth management, and mortgage services. Founded in 1834, Old National has built its reputation on strong client relationships, community engagement, and a commitment to ethical, sustainable growth. For more information, visit www.oldnational.com

About Benefit Street Partners

BSP is a leading global alternative credit asset manager offering clients investment solutions across a broad range of complementary credit strategies, including direct lending, special situations, structured credit, high yield bonds, leveraged loans and commercial real estate debt. As of May 31, 2025, BSP, along with Alcentra, has more than $79 billion in assets under management globally, with 501 employees operating across North America, Europe and Asia Pacific. BSP is a wholly owned subsidiary of Franklin Templeton. For further information, please visit www.benefitstreetpartners.com

Risks and Disclosures

• This offering is made only to Accredited Investors per Regulation D, Rule 506(c).
• This material is intended for Accredited Investors generally defined as an individual having a net worth of over $1 million dollars exclusive of primary residence, and certain entities with gross assets of greater than $5 million dollars or made up entirely of accredited individuals. If you are unsure if you or your entity is considered accredited, please verify with your CPA and attorney prior to considering an investment.
• There are significant limitations on the ability to sell or transfer interests.
• Securities offered through Madison Capital Markets, LLC, Member FINRA/SIPC. Only available in states where Madison Capital Markets, LLC is registered. Madison Capital Group and Madison Capital Markets, LLC are affiliated.
• The Internal Revenue Code Section 1031 contains complex tax concepts. You should consult your legal or tax professional regarding the specifics of your particular situation prior to considering an investment. This material is not to be interpreted as tax or legal advice.
• Past performance is not indicative of future results.
• Potential cash flows/distributions/appreciation are not guaranteed and could be lower than anticipated.
• There are material risks associated with investing in real estate, Delaware Statutory Trust (DST) properties, and real estate securities. These include illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial properties, potential adverse tax consequences, loss of entire investment principal, declining market values, and general economic risks.
• Investors should read the entire PPM carefully, including the “Risk Factors” section of the PPM before investing.
• The sponsor and their affiliates will all receive substantial fees and compensation relating to the syndication and sale of interests, as well as relating to the ongoing management and disposition of the Property owned by the DST.

Real Estate Disclosure

• There is no guarantee that any strategy will be successful or achieve investment objectives, including, among other things, profits, distributions, tax benefits, exit strategy, etc.
• Potential for property value loss – All real estate investments have the potential to lose value during the life of the investments.
• Change of tax status – The income stream and depreciation schedule for any investment property may affect the property owner’s income bracket and/or tax status. An unfavorable tax ruling may cancel deferral of capital gains and result in immediate tax liabilities.
• Potential for foreclosure – All financed real estate investments have potential for foreclosure.
• Illiquidity – These assets are commonly offered through private placement offerings and are illiquid securities. There is no secondary market for these investments.
• Reduction or elimination of monthly cash flow distributions – Like any investment in real estate, if a property unexpectedly loses tenants or sustains substantial damage, there is potential for suspension of cash flow distributions.
• Impact of fees/expenses – Costs associated with the transaction may impact investors’ returns and may outweigh the tax benefits.
• Stated tax benefits – Any stated tax benefits are not guaranteed and are subject to changes in the tax code. Speak to your tax professional prior to investing.