A joint venture between Redwood National Properties, an affiliate of BAS Holdings Investments, and Winston Capital has secured $46.6 million in financing for The Mirage at Sailboat Cove, a 171-unit workforce housing development in Opa Locka, Fla. City National Bank of Florida and Pensam Capital provided the five-year bridge loan.
The partnership used the financing to pay off the $18 million construction loan received in 2020 and develop 132 of the total units. Despite construction and supply chain challenges brought on by the pandemic, BAS Holdings delivered five of the 23 buildings ahead of schedule, in May 2021. The entire project is expected to deliver this year, Yardi Matrix shows.
Filling the gap
Located at 14301 NW 17th Path, the property is in a rapidly growing area of North Miami, with little supply dedicated to low- and middle-income earners. The Mirage at Sailboat Cove is set to fill this housing gap, targeting individuals earning up to 120 percent of the area median income.
The affordable community has Mitchell Lake frontage. Claude Pepper Park is some 1-mile southeast, while Enchanted Forest Elaine Gordon Park is roughly 4 miles east. Interstate 95 is also less than 2 miles east, providing access to North Miami and several employment centers across South Florida.
Also addressing Miami’s affordable housing crisis, last month, a public-private partnership between the Dania Beach Housing Authority and Atlantic Pacific Communities kickstarted the development of the 75-unit third phase of Saratoga Crossings, an affordable housing community in Dania Beach, Fla.