J. Milton scores $63.8M loan for SoFla apartments
J. Milton & Associates, a Coral Gables-based development company, just took out a huge $63.8 million loan on two of its apartment buildings in South Florida, according to a mortgage recorded on Tuesday.
The financing was issued by Wells Fargo Bank National Association to two companies: Gables 37 and 2500 Inverrary Club Apartments. Both are affiliates of the developer and are managed by Milton executives.
Two apartment communities are covered by the loan: Gables 37 Grand Apartments, a 12-story, 120-unit apartment building that was built last year in Miami, and 2500 Inverrary Club Apartments, a 1970s-era apartment community with 428 units in Lauderhill.
Milton paid $2.5 million to acquire the Gables 37 development site in 2012, according to Miami-Dade property records. The building sits on a parking podium and occupies 1.1 acres of land at 987 Southwest 37th Avenue.
Meanwhile, the Inverrary Club Apartments in Lauderhill has been owned by Milton since at least 2005, when Broward County records show Jose Milton transferred ownership to an affiliated LLC. The community has seen dozens and dozens of eviction judgments for tenants since Milton acquired the property.
The similarly named Inverrary 441 Apartments, also in Lauderhill, were sold by Milton for $21.75 million in June. The developer is currently working on a new condo project in Sunny Isles Beach: Parque Towers, which would have 329 luxury units.