Miami Community Lands $51M Freddie Mac Refi
- Jan 13, 2021
A joint venture between LCOR and Madison International Realty has secured a $50.5 million refinancing package for Lincoln Pointe Apartments, a 285-unit waterfront community in Aventura, Fla. JLL provided the variable interest rate Freddie Mac loan, which will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo lender.
The new note replaces the existing debt on the asset, a $37 million financing package that MUFG Bank originated for the borrower in 2012, according to Miami-Dade County records.
Located on 9 acres at 17900 NE 31st Court., the property encompasses four three-story buildings completed in 1991. The unit mix includes one- and two-bedroom apartments with sizes between 600 and 1,150 square feet. The amenity package includes a resort-style pool, spa and clubhouse with a billiards room, fitness studio and business center.
Situated close to Biscayne Boulevard, the community is 16 miles northeast of downtown Miami. The site is 2 also miles south of Aventura Mall, a 2.8 million-square-foot shopping center owned by Turnberry Associates and Simon Property Group.
The JLL team that represented the borrower included Senior Managing Director Elliott Throne and Managing Director Steven Klein. Throne was part of another JLL team that arranged a $38.2 million loan for 79 West, a 304-unit property in Panama City Beach, Fla. The brokerage assisted the borrower, Beachwold Residential.