The Real Deal Miami

Greystar scores loans for two apartment buildings in Brickell and Coral Gables

Greystar scored $94.2M in Freddie Mac loans for its SoMa at Brickell and The Mile Coral Gables
By Amanda Rabines | September 27, 2017 03:00PM

The Mile Coral Gables SoMa at Brickell Inset: Greystar CEO Bob Faith

Greystar just scored about $94.2 million in Freddie Mac loans for two of its luxury apartment buildings in Brickell and Coral Gables, property records show.

Maryland-based Walker & Dunlop arranged $72.7 million in financing for Greystar’s SoMa at Brickell, and $21.5 million in financing for The Mile in Coral Gables.

The loans come a week after Charleston, South Carolina-based Greystar completed its acquisition of Plano, Texas-based luxury U.S. apartment developer Monogram Residential Trust in a $4.4 billion deal. Records show Monogram Residential bought SoMa Brickell in 2013 for $5.6 million. The 418-unit apartment complex at 145 Southwest 13 Street was built in 2015, records show.

SoMa Brickell features studio, one- and two-bedroom apartments, which span 514 square feet to 1,102 square feet, according to its website. Prices range from  $1,590 to $3,175 a month, according to apartments.com. Units come with granite countertops, stainless steel appliances and high ceilings. Residences have access to a fitness studio, movie theater, a clubroom and a rooftop sports court, according to its website.

The Mile is a 120-unit mixed-use luxury rental project at at 3622 Southwest 22 Street. A joint venture between Greystone Property Development and Alta Developers sold the luxury apartment tower in Miami to Monogram Residential for $48 million in 2015. The development, designed by Behar Font & Partners, offers one- and two-bedroom apartments that range from $1,681 to $3,882 a month, according to apartments.com. Features include a pool, garage and fitness center.

Greystar also scored a $60.7 million Freddie Mac loan, also from Walker & Dunlop, on its Satori apartment complex in Fort Lauderdale, records show.

Greystar is the largest operator of apartments in the United States, managing more than 400,000 units in more than 150 markets globally, according to its website. Some of its other luxury apartment communities in South Florida include Blue on Marina Boulevard, The Queue, Solmar on Sixth and Elan 16Forty. A spokesperson for Greystar was not immediately available to comment.