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South Florida

NGKF arranges $34M in loans for SoFla apartments

Serrano and Park Plaza
Serrano in West Palm Beach and Park Plaza in Miami Gardens

Newmark Grubb Knight Frank Capital Markets $33.5 million in financing for two multifamily properties in South Florida, the firm announced today.

The loans will go toward repaying existing debt and for improvements on two properties: Serrano, a 192-unit garden-style apartment community in West Palm Beach, and Park Plaza, a 234-unit apartment complex located in Miami Gardens.

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AION Partners, a real estate investment company, owns both properties, according to a press release.

“AION’s experience and success in the market combined with its institutional quality management and maintenance of both properties were compelling factors for lenders, which ultimately led to offers with the most flexible terms and rate in this competitively bid process,” Maury Zanoff, a vice chairman with NGKF Capital Markets, said in the press release.

Zanoff, Joe Donato, Matt Williams and Jamie Leachman of NGKF arranged the loans. — Katherine Kallergis