Jamestown borrows $35M for Sunny Isles apartments

Miami /
Jan.January 12, 2016 11:15 AM

Atlanta-based Jamestown has closed on a $35 million mortgage for a newly renovated apartment complex it owns in Sunny Isles Beach.

Miami-Dade County records show that a Jamestown affiliate took the loan out for Beach Place, a 308-unit community at 17103 North Bay Road. PNC Bank is the lender. Jamestown CEO Matt Bronfman signed the mortgage. 

The property, formerly known as Vista View Apartments, includes one- and two-bedroom apartments. Jamestown renovated the interiors and exteriors, according to the community’s website. Property records show that it was originally developed in 1972. Jamestown purchased the property out of foreclosure in 2009 for $31.25 million. Sky Development, operating as Vista View Apartments Ltd., sold the complex, which is located east of the Intracoastal Waterway and north of Sunny Isles Boulevard.

Amenities at Beach Place include a billiard room, bocce court, dog park, heated pool with a spa, sun decks, grill areas, a clubhouse, business center and gym. It also features Banyan trees and native plants.

Late last year, the Atlanta and Germany-based real estate investment and management firm purchased a retail property on Washington Avenue in Miami Beach for about $19 million. Jamestown, which has a $7.6 billion portfolio in the U.S., also purchased a Victoria’s Secret-anchored property on Collins Avenue in March for $25 million.


Related Articles

arrow_forward_ios
Gables Club Tower II at 60 Edgewater Drive in Coral Gables (Condo.com, Getty)
Coral Gables closing tops Miami-Dade’s weekly condo sales
Coral Gables closing tops Miami-Dade’s weekly condo sales
BH Group’s Isaac Toledano with a 55th floor unit at Jade Signature (Yizhak Toledano, The Carroll Group)
Isaac Toledano pays $15M for Sunny Isles penthouse
Isaac Toledano pays $15M for Sunny Isles penthouse
Jade Signature (Google Maps, Getty)
Jade Signature closing tops Miami-Dade’s weekly condo sales
Jade Signature closing tops Miami-Dade’s weekly condo sales
Regalia at 19575 Collins Avenue Sunny Isles Beach, Armani Residences at 18975 Collins Avenue Sunny Isles Beach, Asia Brickell Key at 900 Brickell Key Blvd, and Muse at 17141 Collins Avenue Sunny Isles Beach (Condo.com)
Miami-Dade’s August top condo sales show market emerging from summer slowdown
Miami-Dade’s August top condo sales show market emerging from summer slowdown
Fendi Chateau Ocean Residences at 9349 Collins Avenue Surfside (Google Maps, Getty)
Fendi Château tops Miami-Dade’s weekly condo sales
Fendi Château tops Miami-Dade’s weekly condo sales
Regalia at 19575 Collins Avenue in Sunny Isles Beach (Condo.com, Getty)
Regalia tops Miami-Dade’s weekly condo sales
Regalia tops Miami-Dade’s weekly condo sales
A photo illustration of Residences by Armani Casa in Sunny Isles (RBACMiami.com, Getty Images)
Residences by Armani/Casa tops Miami-Dade’s weekly condo sales
Residences by Armani/Casa tops Miami-Dade’s weekly condo sales
A photo illustration of Asia Brickell Key (Getty Images, Google Maps/Ed Florez)
Asia on Brickell Key tops Miami-Dade’s weekly condo sales
Asia on Brickell Key tops Miami-Dade’s weekly condo sales
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...