The Real Deal Miami

Related Cos. teams up with Related Group on $21M Miami Gardens buy

December 30, 2013 03:01PM

Walden Pond at and Stephen Ross

Walden Pond at 20789 NorthWest 9th Court and Stephen Ross

New York-based the Related Companies has teamed up with Miami’s Related Group on a $21 million acquisition of a Miami Gardens apartment complex. The partnership intends to perform an extensive rehabilitation on Walden Pond II, located at 20789 NorthWest 9th Court.

The seller was New Jersey-based the Ingerman Group, according to city records seen by the South Florida Business Journal.

The deal was financed through an $18.3 million senior mortgage from Pillar Multifamily, and an $18.8 million junior mortgage from the Florida Housing Finance Corporation and the Bank of New York Mellon, according to the Business Journal. [SF Business Journal]Hiten Samtani