MIAMI-The credit markets aren’t quite thawed to room temperature, but lenders are warming up to the multifamily market. The latest example is a first loan on Terrazas Riverpark Village, a 324-unit, class A, two-building complex near downtown Miami.
Carey Stiss, a real estate partner at Bilzin Sumberg, negotiated a $30 million first mortgage loan on behalf of NXT Capital. NXT Capital made the loan to AP WP Terrazas, a joint venture between a New York-based institutional fund and an Atlanta-based regional developer. White Plains, NY-based Shapiro & Gellert represented the borrower.
“This project was intended to be a condominium development,” Stiss tells GlobeSt.com. “It was built at the height of the market in 2006 along the Miami River near the Jackson Memorial Hospital district. Of course, it got caught in the downturn.”
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