Hunt Real Estate Capital announced today that it has provided a Freddie Mac Lease-Up Loan in the amount of $67.6 million to refinance a multifamily property located in Hallandale Beach, Florida.
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.
The borrower is Hallandale Land Ventures LLLP, a Florida Single Asset Borrowing Entity and subsidiary of Integra Investments. This Freddie Mac loan has an 11-year term with four years of interest only, followed by a 30-year amortization schedule.
“The borrower developed this Class-A multifamily apartment complex in 2018,” commented Marc Suarez, Director at Hunt Real Estate Capital. “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,” added Suarez. “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. Artsquare at Hallandale also offers 328 covered parking spaces and 210 surface parking spaces. Two of the property’s six commercial/retail spaces are currently leased to Thousand Hills Coffee and Orange Theory.
Artsquare at Hallandale is located within the Miami MSA. Hallandale Beach is located just over a mile off the coast of the Atlantic Ocean. Given its proximity to the Hallandale Beach Oceanfront, the community has immediate access to a wealth of retail, dining, shopping, and nightlife options.