Hunt Real Estate Capital announced today that it has provided a $71.3 million Freddie Mac conventional loan via the pre-stabilization program to refinance a multifamily property located in North Miami Beach, Florida.
Lazul Apartments is a 356-unit, Class-A, fully-amenitized, mid-rise apartment community situated on 2.57-acres of land. The property is comprised of an eight-story building with an attached eight-level parking garage.
The borrower is North MB Owner, LLC, a Delaware limited liability company, and the deal is in partnership with EDEN Multifamily, Hunt Companies, Inc., and Florida Value Partners. 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,” noted Marc Suarez, Director at Hunt Real Estate Capital. “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. The subject is situated approximately two miles west of Sunny Isles Beach and is attractively located between Miami and Ft. Lauderdale.
“This transaction is a great example of our local presence and relationships, as we were able to assist a group of well-seasoned real estate developers by facilitating the entire capital stack, from construction to this fixed-rate permanent financing,” Suarez added. “This refinancing is a true testament to Freddie Mac’s mission and commitment to provide liquidity in challenging times. Our team at HREC worked tirelessly to provide an excellent execution while all working remotely.”