The owner of the River Oaks Apartments in Miami has obtained a $31 million refinancing that allowed it to pay off its existing debt.
AP SC River Oaks received the loan from Redwood Commercial Mortgage Co., a division of California-based Redwood Trust, according to CBRE. The 199-unit apartment property at 1951 Northwest South River Drive was completed in 2011. It includes two commercial units on the ground floor.
Redwood provided AP with a 10-year mortgage, which closed within 30 days after the property owner submitted its paperwork.
“This property is an exceptional multifamily asset along the Miami River at the foot of our exploding health district,” said Charles Foschini, vice chairman with CBRE’s Debt & Structured Finance Group. “The leverage that the borrower required to pay off its existing note made for a bit of a challenge as it required a more robust loan than the market is accustomed.”
CBRE’s Foschini, first vice president Christopher Apone, vice chairman Christian Lee of the firm’s Capital Markets Institutional Group and Robert Given and Gerard Yetming of the Multihousing Institutional Group arranged the loan. — Eric Kalis