Berkadia Secures $14M Recap for Miami High-Rise
- Jul 03, 2020
Two weeks after securing $97 million in financing for two residential towers in Sunny Isles Beach, Fla., Berkadia has arranged $14.4 million in financing for the recapitalization of First & Sixth Apartments, a 100-unit Miami community.
Working on behalf of the borrower, The Eastern Atlantic Cos., Senior Managing Director Charles Foschini and Managing Director Christopher Apone structured the 10-year, Freddie Mac loan. The fixed-rate financing has three years of interest-only payments, at a loan-to-value of 62 percent.
Located at 35 SW Sixth Ave. in the Miami River district, the community opened in 2019. Eastern Atlantic broke ground on First & Sixth in late 2018 on a former 15,000-square-foot parking lot, with Soliman Structures serving as general contractor. Yardi Matrix data shows the developer financed the construction with a $12.6 million loan from Valley National Bank.
The first Miami 21-compliant development
According to Berkadia, First & Sixth is the first residential project developed under the new Miami 21 zoning code allowing for increased unit density and decreased parking in exchange for the inclusion of an affordable housing component. As a result, the 14-story community has 80 market-rate units and 20 affordable apartments. The unit mix features studio, one- and two-bedroom floorplans ranging from 350 to more than 1,100 square feet. Amenities include a sky deck with swimming pool, fitness center and bicycle storage.
The property is less than 2 miles from the city center in Northwest Brickell, less than a mile from Interstate 95 and The Wharf. The community is also two blocks west of the Miami River banks, where two recent developments reshaped the area: Miami River Walk and River Landing Shops and Residences.