Garcia Apartments Receives Fannie Mae Loan
- Nov 02, 2015
Garcia Apartments, a 62-unit multifamily property in Miami, has received financing. Hunt Mortgage Group provided the $3.6 million Fannie Mae loan facility to refinance Garcia Apartments, a multifamily property located at 2150 NW 9th St. in Miami.
Garcia Apartments Inc., a Florida corporation backed by Jorge Garcia, is the borrower. The transaction is structured with a 10-year term with a 9.5-year yield maintenance period and 30-year amortization. The deal was closed by the Coral Gables team of Hunt Mortgage Group, led by Managing Director Steven Cox and Director Marc Suarez. The deal was brought to Hunt Mortgage Group by Underwriter Daniel Ela and Associate Michael MacNeil of Meridian Capital.
Garcia consists of a four-story building with 62 apartment units. The building was constructed in 1973 on a 1.32 acre parcel of land, and it has 48,512 square feet of rentable space. Garcia Apartments offers one-bedroom, one-bathroom and two-bedroom, one-bathroom units. The property also has a range of common-space amenities including laundry facilities, a swimming pool and 88 open parking spaces. The property has been 100 percent occupied for the past 24 months, according to Cox.
Photo credit: Yardi Matrix