MIAMI—It's not massive refi, but it's a telling one. Hunt Mortgage Group, a commercial real estate lender, just arranged a $3.6 million Fannie Mae loan facility to refinance a multifamily property located in Miami's white hot market.

What makes the deal interesting, in part, is the age of the multifamily product and its location near boomtown. Garcia Apartments developed in 1973 when Miami was a much different place than it is today. Given the boom, though, these older assets are in high demand and many owners are holding tight for the right time to sell.

“Garcia Apartments has been well-maintained and successfully operated since it was built in 1973 by Jorge and his family,” Steven Cox, managing director at Hunt, tells GlobeSt.com. “It has also been 100% occupied for the past 24 months, which exceeds the local current market economic occupancy rate. The property is also well located and is seven miles west of the downtown Miami area."