The loan, which carries a 10-year term with a 25-year amortization, was priced very aggressively, according to a spokesperson for the deal. "The refinancing demonstrates an ongoing commitment to the property and community by the owner and developer," Andy Little, a principal with John B. Levy & Co., says in a statement.
Southgate Towers consists of 539 units. It is located on 9th Street at West Avenue with frontage along Biscayne Bay, just north of the Macarthur Causeway's entrance onto South Beach. The same family that developed Southgate Towers in 1959 continues to own and operate it.
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