MIAMI-The Courtyards at Miami Lakes Apartments has closed on a $20.67 million loan refinance. Built in 1972, the 448-unit rental apartment community is 95% occupied.
Aztec Group, a real estate investment and merchant banking firm, arranged the new 10-year loan through Fannie Mae. The property is located in Miami Lakes with direct frontage on Cow Pen Road.
“Stabilized, well-established multifamily rental apartment communities in South Florida can probably take their pick from a variety of different lenders,” Jason Shapiro, managing director at Aztec Group, tells GlobeSt.com. “Right now, Freddie Mac and Fannie Mae are among the most aggressive with loan pricing.”
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