The Estate Companies has received a loan for $75 million so it can refinance a multifamily property in Dania Beach, Florida.
Known as Soleste SeaSide, the eight-story building features 340 apartments. The units include a mix of studios and one to three bedrooms. Also, tenants get access to parking, a yoga/spin area, a health club, and a pool.
Soleste SeaSide provides access to the Hollywood International Airport, the downtown area of Fort Lauderdale, and Hollywood.
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Affinius Capital provided the refinancing, while Walker & Dunlop arranged it.
“We are thrilled to partner with The Estate Companies to refinance Soleste SeaSide. They delivered a very high-quality project which is consistent with the product they are known for across their growing Florida portfolio," Eric Cohen, managing director and head of debt origination, said in a statement.
"We believe the asset’s location proximate to downtown Fort Lauderdale and Dania Pointe will continue to be a meaningful demand driver for continued strong performance at the property.”
Overall, the multifamily sector produced a strong third quarter, with net absorption hitting 153,000 units, the second-highest level on record, according to a report from CBRE. However, some regions struggled with high supply including the Southeast, South Central, and Mountain ones. Year-over-year rents dipped between 4.7 percent and 8.1 percent in Austin, Jacksonville, and Raleigh, respectively.
The Estate Companies concentrates on South Florida, with other properties in its portfolio located in Naples, Homestead, Little Havana, and various parts of Miami.
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