Altis at Kendall Square Wins Additional Financing

The multifamily development Altis at Kendall Square by the Altman Cos. took another step toward realization recently by obtaining mezz financing for construction of the property.

Kendall, Fla.—The multifamily development Altis at Kendall Square by the Altman Cos. took another step toward realization recently by obtaining mezz financing for construction of the property. Behringer Harvard Multifamily REIT I Inc. provided the mezz financing; TD Bank is providing the construction financing.

The Altman Cos. plans to begin work on the development this month. The 321-unit apartment complex consists of 12 three-story residential buildings and one three-story mixed-use building that includes 7,045 square feet of retail on the ground floor.

The property will offer studios and apartment units with up to three bedrooms and two baths averaging 1,030 square feet each, and include a clubhouse that features a movie theater, fitness center, cyber cafe, billiard and entertainment rooms, and a kitchen. Units will feature private entries and direct-access garages.

Altis at Kendall Square is slated for completion in the third quarter of 2014. Kendall is an unincorporate suburban area of Miami-Dade County about 25 miles southwest of downtown Miami, to which it is linked by U.S. 1 and Metrorail.

The development is one in a series of new Florida properties by the Boca Raton-based Altman. The company has started construction on 270-unit Altis at Coconut Creek and 300-unit Altis at Sheridan Village, two South Florida rental apartment complexes, in 2012. Altis at Grand Cypress, a 258-unit development in New Tampa, Pasco County, is also nearing completion.