May 13, 2020
North MB Owner, LLC secured $71.3 million Freddie Mac conventional loan via the pre-stabilization program to refinance Lazul Apartments in North Miami Beach. Hunt Real Estate Capital provided the financing for the 356-unit, Class A, fully-amenitized, mid-rise apartment community situated on 2.57-acres.
The deal was executed 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.
Hunt Real Estate Capital’s Marc Suarez says, “The borrower developed the property in 2018 and rental units came online in October of the same year. 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, near Biscayne Blvd. and NE 163rd Street, is comprised of an eight-story building with an attached eight-level parking garage.
For comments, questions or concerns, please contact Dennis Kaiser