Latigo Group Secures $50M to Build Miami Affordable Housing
The project broke ground last October and the first apartment units will be delivered in late 2020.
MIAMI—The Latigo Group has secured a $50 million construction loan from locally-based 3650 REIT to develop the Center at Miami Gardens, a 259-unit, four-building multifamily property to be located at 19279 NW 27th Ave in Miami Gardens.
The property will feature three residential buildings as well as a clubhouse, and will be situated on approximately 10 acres of land along with parks, ponds and other quality-of-life amenities for a variety of residents. It will accommodate a Miami Gardens housing market where affordable rental options have become scarce, and will sit within the area’s burgeoning retail and entertainment corridor with close proximity to I-95, providing easy access to Downtown Miami and other regional employment centers. TLG selected 3650 due to its relationship-driven approach as well as its local expertise and flexible, single-source financing solution.
The project broke ground last October and the first apartment units will be delivered in late 2020, 3650 REIT managing partner Jonathan Roth tells GlobeSt.com. The project is scheduled to be completed in spring 2021. Apartment rental rates will range from $1,700 to $2,300 per month depending on the unit type, size, and features.
“Providing financing to relationship-driven, institutional-quality developers with deep understandings of their local markets, and of how their projects fulfill the needs of those markets, is a key focus of our business,” Roth said. “Financing TLG and the development of the Center at Miami Gardens fits squarely into our investment strategy, as TLG is a best-in-class developer and the project is designed to target the acute shortage of attainable housing in South Florida.”
Roth said the region’s strong economy and robust population growth has caused the demand for housing units to continually outpace supply. Through efficient design and construction methods, the Center at Miami Gardens will offer renters well-located, Class A housing options at attainable rates.