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.”
Indeed, Shapiro says government agency lending institutions are offering interest rates as much as 20 to 40 basis points below other lenders, in part, because they only invest in multifamily. With the Courtyards at Miami Lakes, stable ownership may have also played a role. The same owners have been operating the property since 1978.
“Fannie Mae actually let the borrower to take some cash out of the deal as well,” Kevin Miliffe, a director at Aztec Group, tells GlobeSt.com. “That’s a testament to the property itself, and also shows why management and location is so important.”
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