A New York investor paid about $16.1 million for senior living community Cabana Club in southern Miami-Dade County.
RACH Cabana of Brooklyn acquired the 332-unit apartment complex at 19701 Southwest 110th Court and received a nearly $13.4 million loan, according to a written statement from New York-based Eastern Union Funding, which arranged the financing. The 10-year loan from Arbor Commercial Mortgage closed at a 4.78 percent interest rate.
State corporate records identify Nathan Matut as RACH Cabana’s manager. Cabana Club Associates Ltd. of Miami is the seller.
The complex was fully occupied when it changed hands.
Eastern Union’s Nate Hyman and David Metzger arranged the financing.
“This market is ripe and it’s exciting to continue expanding our footprint in Florida,” Metzger said. — Eric Kalis