Iron River Management has secured a $22 million refinancing package for Coral Falls, a 190-unit multifamily asset in Coral Springs, Fla. HFF originated the seven-year, 4.47 percent fixed-interest mortgage through Freddie Mac’s CME program. The note replaces a prior, $17 million variable-rate CMBS loan taken in 2015.
Located at 2801 N.W. 91st Ave., the garden-style community’s 20 two-story buildings are a quarter mile from the University Drive retail corridor, home to a wide array of shopping and dining options. Coral Falls is approximately 20 miles northwest of downtown Fort Lauderdale, Fla., and contains a mix of one- and two-bedroom units, from 900 to 1,338 square feet. Rental rates range from $1,340 to $1,670, according to the property’s website. Community amenities include a swimming pool, a fitness center, a tennis court, a playground and a carwash station.
“Our goal with Coral Falls has always been to hold long-term, maintain our presence in the market and maximize our cash flow,” said Jonathan Ringham, president & owner of Iron River, in a prepared statement. “The placement of this debt allows us to continue our history of success with this property.”
HFF’s Josh Simon and Elliott Throne represented the owner in the deal. In June, Simon and other HFF professionals secured a $173 million refinancing package through the same program for five communities owned by Advenir in three states.
Image courtesy of Yardi Matrix