Two South Florida multifamily projects have secured two HUD 221 (d)(4) New Construction Loans totaling $67 million to help finance their development.
New York City-based commercial real estate financing firm Hunt Real Estate Capital provided both loans. Both loans will amortize over 40 years and include two years of interest only.
Hunt Real Estate Capital provided a $42-million HUD 221 (d)(4) New Construction Loan to finance Boardwalk 280 Apartments, a new 280-unit multifamily development that will feature, a leasing office, community common area, and a mix of outdoor public courtyards and gathering spaces. The property will consist of seven, four-story apartment buildings with elevator access and is located two miles from American Dream Miami.