Photo of Miami by Shutterstock
NORTH MIAMI BEACH, FL-EDEN Multifamily, Hunt Companies, and Florida Value Partners worked with Freddie Mac to secure a $71.3 million loan to refinance a 356-unit, Class A apartment here. The conventional loan was made via the GSE's pre-staiblilization program.
Lazul Apartments is a mid-rise apartment community situated on 2.57-acres of land. The eight-story property has an attached eight-level parking garage.
The borrower is North MB Owner, LLC, a Delaware limited liability company. The loan has an 11-year term that will amortize over 30 years with an attractive interest-only term. "The borrower developed the property in 2018 and rental units came online in October of the same year," Marc Suarez, director at Hunt Real Estate Capital, says in prepared remarks.
"Since coming online, the property has an average of 22 new occupancies per month and is currently 89% occupied. In addition, the borrower was able to modify zoning on retail to residential, which will provide seven work-live lofts."
The property is located near the intersection of Biscayne Blvd and NE 163rd Street, a main thoroughfare in the region. The local area is lined with numerous commercial and retail facilities, and Lazul Apartments is located within two miles of Aventura Mall, the largest mall in Florida.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
