Prestige Cos. JV Lands $27M Loan for Miami Asset
- Oct 02, 2020
Prestige Cos. and Pacifica Real Estate Cos. have received a $27 million Fannie Mae DUS loan to refinance Las Vistas at Amelia, a 174-unit, Class A community in Hialeah, Fla. Hunt Real Estate Capital, a division of ORIX Real Estate Capital, provided the 15-year financing with a low, fixed-interest rate and 10 years of interest only, followed by a 30-year amortization schedule. Proceeds pay off a $18.3 million construction loan funded by Centennial Bank in 2018, according to Yardi Matrix data, and further finance the sponsors.
The developer broke ground on the 4.8-acre lot at 7925 W. Second Court in October 2018 and completed construction earlier this year. Designed to attract young professionals, the community consists of nine three-story buildings with two-bedroom floorplans averaging 796 square feet. All apartments have ceramic- tile flooring, granite countertops and hurricane impact-resistant windows.
The property is some 16 miles northwest of downtown Miami adjacent to the 515-acre Amelia Earhart Park. Situated just south of Miami-Opa Locka Executive Airport, the location is close to the Gratigny, Palmetto and I-75 expressways.
In May, Hunt Real Estate Capital provided a $71.3 million Freddie Mac conventional loan for a 356-unit community in North Miami Beach, Fla. The Class A property is less than 2 miles from Florida’s largest mall.