2 Florida Projects Get $67M in Construction Loans
- Jun 10, 2019
Hunt Real Estate Capital has provided specialty loans totaling $67 million to finance the construction of two multifamily properties in South Florida. The financing under the U.S. Housing and Urban Development’s 221 (d)(4) loan program will be used to build Boardwalk 280, a 280-unit community in Miramar within Broward County; and San Filippo Apartments, a 197-unit community in Palm Bay within Brevard County.
Both properties will provide market-rate housing catering to working professionals and families. Hunt Real Estate Capital provided a $42 million new construction loan to finance the Miramar development. Boardwalk 280 LLC is borrowing the funds and the deal is backed by veteran commercial real estate investors Gerardo Aguirre and Hector Garcia.
The project is located on a more than 12-acre site in the Miami-area city of Miramar, 2 miles from the upcoming American Dream Miami mega-mall that will be the largest shopping complex in America upon completion. The property will have seven buildings that rise four stories and will include a leasing office, common area, and outdoor public courtyards and gathering spaces. Amenities will include a luxury clubhouse, two swimming pools and cabana beds.
New construction on the Space Coast
For the Palm Bay project, Hunt Real Estate Capital provided a $25 million HUD 221 (d)(4) New Construction Loan. The community will sit on a 10-acre site in the city roughly 60 miles southeast of Orlando. The borrower is a business of Robert Cambó, managing partner of Alliance Cos., which has developed more than 30 projects across 16 counties in Florida.
San Filippo Apartments is located within the Space Coast area, whose economy is booming thanks to an influx of aerospace-related jobs led by SpaceX and Blue Origin. The energy-efficient property will feature three four-story buildings with a range of amenities, on-site management and 362 parking spaces.
A joint venture between Lincoln Property Co. and Northshore Development broke ground on a 320-unit multifamily development in downtown Palm Bay last December.