The developer of a 280-unit apartment complex in Miramar scored a $42 million U.S. Housing and Urban Development loan to start construction.
New York-based Hunt Real Estate Capital provided the HUD construction loan to Boardwalk 280 LLC, which is managed by SH Communities’ Gerardo Aguirre and Hector Garcia.
The new project, Boardwalk 280, will be built at 12600 Southwest 50th Court, near the planned American Dream Miami mall. It will sit on a 12.52-acre site and will consist of seven, four-story apartment buildings with elevator access.
The units will range from 1,255 square feet to 1,493 square feet and will be one to three bedrooms, according to SH Communities’ website.
Miami-based SH Communities is a long-time South Florida developer that has built commercial properties, residential communities and custom homes. Its portfolio includes The Village in Miramar, a 240-home community at 9085 Southwest 17th Court.
Amenities at Boardwalk 280 will include two swimming pools, cabana beds, playground, a dog park and grilling areas.
“These loans offer developers high leverage with a longer term – up to 40 years – and the flexibility they need to complete construction with permanent financing in place,” said Marc Suarez, director at Hunt Real Estate Capital, in a statement.
The South Florida multifamily market remains strong. Increasingly, institutional investors are buying apartment complexes in Broward County suburbs like Miramar, Davie and Sunrise.