Related, Shoma Buy 48 Acres for Mixed-Use Development

The Related Group and Shoma Group buy land for a mixed-use development; Boston Capital closes an affordable seniors housing construction loan; and George Smith Partners clinches a $1.5 million acquisition financing at 90 percent LTC.

Doral, Fla.—The Related Group and Shoma Group have purchased 48 acres of land in Doral, Fla., that will be home to a mixed-use residential and retail project. Plans have the development breaking ground later this year. The first phase could include up to 400 multifamily units built on six acres.

The mixed-use project will complement the existing One Park Square at Doral building, which is home to 281,000 square feet of Class A office space. Blanca Commercial Real Estate and Ackman Ziff teamed up to broker the land sale.

“The decision by the principals of The Related Group and Shoma Group to develop Park Square is another positive sign for the City of Doral and the west Miami-Dade real estate market,” says Tere Blanca, president and chief executive officer of Blanca Commercial Real Estate. “Home to one of Florida’s fastest-growing residential and business populations, the Doral market has strong demand for rental housing and well-located retail.”

Boston Capital closes N.C. construction loan

Locust, N.C.—Boston Capital Finance has closed a construction loan for Ardsley Commons, an affordable community for seniors located in Locust, N.C. The loan closed into the Boston Capital Intermediate Term Income Fund, a fixed-rate, construction financing fund.

The 36-unit apartment community will be located 25 miles east of Charlotte. It will feature one three-story elevator building comprised of 32 one-bedroom and four two-bedroom units. The asset is located within walking distance of medical offices, a pharmacy, bank, library and restaurants. Units will be available to seniors earning 40, 50 and 60 percent of the area median income.

George Smith Partners clinches $1.5M acquisition financing at 90% LTC

San Diego‑George Smith Partners’ Vice President Malcolm Davies secured $1.5 million in financing for the acquisition of a coastal property consisting of a restaurant and apartments in the Pacific Beach neighborhood of San Diego. The loan provided the client with capital to redevelop and reposition the restaurant into a new concept.

“The capital providers in the market were concerned that the restaurant’s planned rebranding would negatively impact the cash flow of the established restaurant,” explains Davies. “We were successful in achieving financing for the client by using the property’s stabilized apartment units, as well as the equity of the restaurant’s liquor license, as the additional collateral needed to secure the loan.”

Davies secured this recourse loan at a rate of 6.7 percent for 10 years, with an amortization of 30 years and a loan-to-cost of 90 percent.