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
A unit at Turnberry Ocean Club was the most expensive condo sold last week (Turnberry Ocean Club)
$11M closing at Turnberry Ocean Club leads weekly condo sales in Miami-Dade
$11M closing at Turnberry Ocean Club leads weekly condo sales in Miami-Dade
Infinity project (Kobi Karp)
GPI Real Estate wins $6M settlement over failed Sunny Isles Beach project
GPI Real Estate wins $6M settlement over failed Sunny Isles Beach project
Federal prosecutors allege Naman Wakil laundered ill-gotten Venezuelan contracts with Miami area condo purchases (Getty)
Miami man charged in Venezuelan money laundering scheme, allegedly using proceeds to buy condos
Miami man charged in Venezuelan money laundering scheme, allegedly using proceeds to buy condos
The highest sale last week was a $17 million penthouse at Porche Design Tower (Porche)
Weekly condo sales dollar volume rises, led by $17M closing at Porsche Design Tower
Weekly condo sales dollar volume rises, led by $17M closing at Porsche Design Tower
DLocal founder Andres Bzurovski with the Porsche Design Tower penthouse (DLocal)
Uruguayan fintech billionaire buys penthouse at Porsche Design Tower
Uruguayan fintech billionaire buys penthouse at Porsche Design Tower
The Penthouse at Mansions at Acqualina has two grand salons and a covered terrace with a pool.
Developer sells Mansions at Acqualina penthouse in Sunny Isles Beach for $27M
Developer sells Mansions at Acqualina penthouse in Sunny Isles Beach for $27M
Verzasca brings on Compass to sell out remaining units at Sunny Isles condo tower
Russian developer taps Compass to take over sales of Aurora condo tower in Sunny Isles
Russian developer taps Compass to take over sales of Aurora condo tower in Sunny Isles
(Google Maps, Mansions At Acqualina)
$27M penthouse sale in Sunny Isles leads weekly condo sales
$27M penthouse sale in Sunny Isles leads 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...