South FL Mixed-Use Asset Gets $20M Refi
- Mar 21, 2019
Marcus & Millichap Capital Corp. has arranged a $19.9 million refinancing loan with PGIM for The Place at Dania Beach, a luxury mid-rise mixed-use development in Dania Beach, Fla. The 10-year interest-only loan is fixed at 4.4 percent and the loan-to-value is 65 percent.
Located at 180 E. Dania Beach Blvd., the property is near Interstate 95 and Florida’s Turnpike, while Miami International Airport is 25 miles away. Shopping and dining facilities are within walking distance and North Beach is roughly 2 miles from the development.
According to Yardi Matrix data, The Place at Dania Beach, built on a nearly 2-acre parcel, was completed in 2017. The seven-story building includes two floors of retail space totaling 8,000 square feet. Its residential component consists of 144 one- to three-bedroom units, with floor plans ranging from 613 to 2,293 square feet. Common-area amenities include a fitness center, a clubhouse and a swimming pool, as well as 241 parking spaces.
“Prior to commercial lease-up completion and while the 10-year was down, we locked in permanent debt and provided our client with great cash flow for the next 10 years,” said Robert Hodge, first vice president of capital markets in MMCC’s South Bay office, in prepared remarks.
Image courtesy of Yardi Matrix