San Lucia Gets $27M Refi for Apartment Project

MIAMI-Developer San Lucia Inc. has obtained $26.5 million in refinancing for its Palm Garden Apartments, a new project in the city.Palm Garden Apartments, a 356-unit, three-story garden-style apartment community, was finished in late 2003. The project has more than 360,000 sf of total net rentable sf. Leasing of the project started last October, and at the time of the funding, Palm Gardens Apartments was more than 80% occupied.New York Life Investment Management provided the financing. Jonathan Rice, director of LJ Melody & Co.’s Atlanta office, secured the financing. He would not disclose the interest rate or comment on how much it improved.Palm Garden Apartments, located at 7310 N.W. 114th Ave., has one- to three-bedroom units that range from 750 sf to 1,212 sf. They rent for $980 to $1,485 per month. RAM Partners manages the property.