Multifamily Secures Freddie Mac Financing in Condo Market
“The property has experienced significant demand with units being rented out as the individual buildings were completed.”
HALLANDALE BEACH, FL—Hunt Real Estate Capital has provided a $67.6-million Freddie Mac lease-up loan to refinance a multifamily property here.
Artsquare at Hallandale is a 358-unit, Class-A community located at 401 North Federal Highway. The property is comprised of six residential buildings located on one contiguous 2.7-acre parcel. Three of the buildings are walkups; the other three are mid-rises. In addition, the property features six commercial/retail spaces with a combined 13,500 square feet in space.
Marc Suarez, director at Hunt Real Estate Capital, tells GlobeSt.com that commercial development in this area has been minimal in recent years considering the area is mostly a condo market.
“However, due to this location’s enticing features such as beach accessibility, favorable traffic patterns, proximity to Miami and Ft. Lauderdale, the Aventura Mall, which is one of the biggest revenue producing retail centers in the US, and surrounding retail spaces, Hallandale is becoming an attractive location for residents,” he says.
The borrower is Hallandale Land Ventures LLLP, a Florida Single Asset Borrowing Entity and subsidiary of Integra Investments. This loan has an 11-year term with four years of interest only, followed by a 30-year amortization schedule.
Suarez says the property is 88% occupied and occupancy has remained steady.
“The borrower developed this Class-A multifamily apartment complex in 2018,” Marc Suarez, says. “The property has experienced significant demand with units being rented out as the individual buildings were completed. Artsquare at Hallandale is located in a dynamic submarket that attracts residents from both North Miami and Fort Lauderdale. Integra had the vision to see the potential and need for a Class-A multifamily development at attractive rent prices for working professionals and families. This long-term financing allows our client to take advantage of strong demand and rent growth, which validates their vision and business plan.”
Complex amenities include a resort-style swimming pool, a state-of-the-art fitness center, yoga/spin studio, outdoor lounge, dog wash station, club room, social lounge, conference room, kids’ room, and a private theater.