Miami-Area Community Lands $46M Refi
- May 10, 2019
Park Partners Residential—a joint venture between Rosemurgy Properties and Giles Capital Group—has secured $45.8 million in financing for PARC3400, a Class A multifamily community in Davie, Fla.
HFF worked on behalf of the owner to secure the loan, in which the proceeds will go towards refinancing the construction loan that was previously arranged by HFF for the property’s development back in 2016.
PARC3400 is a 280-unit property in Broward County, located near Nova Southeastern University, Miami, Fort Lauderdale and Palm Beach. The community is situated on an 8-acre site near the southwest intersection of Interstates 595 and the Florida Turnpike, affording residents access to universities and shopping.
Completed in 2017, PARC3400 features one-, two- and three-bedroom apartments offering granite countertops, stainless steel appliances, walk-in closets, impact-resistant windows and sliding doors and private patios or balconies. Among the more unusual common-area amenities are private office spaces.
“We had a very tight timeframe to close—less than 30 days—as the borrower had a loan maturity and Freddie Mac was adjusting their pricing for capped business, non-Green or affordable qualifying deals,” HFF Managing Director Elliott Throne told Multi-Housing News.
“We quickly sized the loan, submitted to Freddie Mac for a quote, and engaged all third party reports to alleviate the timing issue. We used our relationship with Freddie Mac to expedite the process and close on time.”
Earlier this week, HFF arranged $191.8 million in joint venture equity and construction financing for Phase I of Bryant Street, a 1,500-unit mixed-use project being developed in Washington, D.C. The team worked on behalf of a joint venture between MRP Realty and FRP Development Corp.