The Real Deal Miami

Miami Beach’s Blackstone Apartments get $10M refinancing on debt

September 01, 2011 10:21AM

CB Richard Ellis announced that it had arranged $10 million in
refinancing on the debt of the Blackstone Apartments in Miami Beach.
Terms of the loan include a seven-year fixed-rate term, two years
interest-only and a 70 percent loan-to-value ratio. “The Blackstone
transaction provided Freddie Mac the opportunity to expand their loan
portfolio and refinance an historic landmark asset,” said Christopher
Apone, vice president with CBRE Debt & Finance. “The borrower was
able to capitalize on historically low interest rates and very favorable
terms currently available from Freddie Mac.” Blackstone, which was
originally built in 1929, is located at 800 Washington Avenue in South
Beach. It has a total of 130 units, 99 percent of which were leased at
the time of refinancing. — Alexander