JV Secures $71M Refi for Miami Beach Property
Hunt Real Estate Capital arranged the Freddie Mac financing for Lazul Apartments.
Lazul Apartments. Image courtesy of Hunt Real Estate Capital
A partnership including borrower North MB Owner LLC, EDEN Multifamily, Hunt Cos. Inc. and Florida Value Partners has secured a $71.3 million Freddie Mac conventional loan via the pre-stabilization program, for Lazul Apartments, a Class A, 356-unit, mid-rise community in North Miami Beach, Fla. The LLC arranged for modified zoning to allow retail to become residential and permit seven work-live units. The loan has an 11-year term amortizing over 30 years with an appealing interest-only term.
Situated on a 2.6-acre parcel, Lazul Apartments is an eight-story structure that includes an attached eight-level parking garage. The property was developed in 2018, with units becoming available late that year. It is now 89 percent occupied, gaining an average of 22 new occupancies monthly.
Last month, Hunt Real Estate Capital originated a loan for a Lacey, Wash. Property.
Changing environment
“Due to the stay-at-home orders implemented during the process, we had to work together to finalize due diligence while transitioning to our home offices,” Hunt Real Estate Capital Director Marc Suarez told Multi-Housing News. “In addition, we navigated a very challenging and rapidly changing credit environment because of potential risk factors that were perceived and enhanced on an almost weekly basis.
“Although our team faced challenges, we rallied together to bring this transaction to a successful close. Through increased clear and consistent communication both internally and with our client, we were able to create a structure that mitigated risk while delivering solid terms during these uncertain times.”
Situated near the Biscayne Blvd. and NE 163rd St. intersection, Lazul Apartments is located less than 2 miles from Florida’s largest mall, Aventura Mall. The property is in the center of an area between Miami and Fort Lauderdale offering many commercial and retail facilities. In addition, it is approximately 2 miles from Sunny Isles Beach.
