Cohen Financial Secures $27.7M Construction Loan Miami Condo
- Dec 06, 2013
Miami, Fla.—Cohen Financial has arranged a $27.7 million construction loan for BrickellHouse, a 46-story luxury condo property located at 1390 Brickell Ave. in Miami, Fla. The loan was provided by Canyon Capital Realty Advisors LLC.
The asset will feature 374 units and is one of the first large condo developments to start construction in the current cycle. There is certainly pent up demand considering that the building is substantially sold out.
“The lender was extremely responsive as they know the market well and were familiar with the asset,” says Daniel Sheehan, senior managing director at Cohen Financial. “This is an attractive property because the developer was far along in construction, had been on time and on budget, therefore, coupled with the low leverage, the loan was a very attractive investment for the lender, prompting them to act quickly. BrickellHouse has a first-mover advantage in the Brickell submarket, which has continued to strengthen since construction commenced.”
The BrickellHouse transaction marks Canyon Realty’s eighth loan in Florida over the last 3 years, and its second transaction in the Brickell submarket. In 2011, Canyon Realty provided a $130 million senior construction loan to the owner of the office tower located at 600 Brickell, also known as Brickell World Plaza. Like BrickellHouse, Brickell World Plaza was also under construction when Canyon provided a senior construction loan for the project.
Cohen Financial’s Sheehan worked along with Eric McGlynn, director at Cohen Financial. The $170 million project is being developed by Newgard Development Group.
Morgan Properties and Core JV acquire 500-unit Maryland portfolio
Windsor Mill, Md.—Morgan Properties and its equity partners Core Properties have acquired a three-property portfolio in Windsor Mill, Md., comprised of two garden-style communities and a high-rise apartment building. This is the fourth acquisition that Morgan Properties has closed in 2013, and the second of which involved Core Properties.
“Windsor Mill is an exciting acquisition for our company,” says Mitchell Morgan, founder and CEO of Morgan Properties. “After the recent success of our acquisition and reposition of Northwest Crossing with our partner Core Properties, we and Core felt that Windsor Mill was the perfect opportunity to continue to expand our market presence. Given our local market knowledge and operation expertise, Morgan Properties is the right operator to efficiently manage and enhance the value of the properties.”
The garden-style communities were built in 1965 and 1972, while the high-rise was built in 1969. Amenities include swimming pools and picnic areas for residents.
NorthMarq’ s Denver office executes two loans totaling $33.12M
Denver—John M. Stewart, senior vice president of NorthMarq’s Denver regional office, arranged transactions for two properties, Heights on Huron and Knoll Crest Apartments, for a total of $33.12 million in financing.
Heights on Huron, located at 10648 Huron Street in Northglenn, Colo., is a conventional market, multifamily community that consists of 252 units contained in 21 residential buildings. Acquisition financing of $13.12 million was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
The community’s amenities include three outdoor heated swimming pools, laundry rooms, BBQ area, a playground and easy access to Hugh Danahy Park and a lake across the street. Units feature area conditioning and walk-in closets.
“The borrower is an experienced Denver-based commercial real estate developer and investor for whom NorthMarq has arranged other loans,” says Stewart.
Knoll Crest Apartments, located 207 George Street, Middleton, Conn., was refinanced for $20 million. The conventional market, multifamily community consists of 156 units contained in five, three-story residential buildings.
Property amenities included a clubhouse and a heated outdoor swimming pool. Units feature stainless steel appliances, washer/dryer, fireplaces in select units, 9-foot ceilings and patios.