search

The Real Deal Logo

Trending

“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aVictor Sigoura picks up site of failed West Chelsea condo for $87MVictor Sigoura picks up site of failed West Chelsea condo for $87MHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraud
Commercial
South Florida

SH Communities scores HUD financing to build Miramar apartments

The project will consist of seven, four-story apartment buildings

Marc Suarez, Director at Hunt Real Estate Capital and a rendering of Boardwalk 280
Marc Suarez, Director at Hunt Real Estate Capital and a rendering of Boardwalk 280

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.

Sign Up for the undefined Newsletter

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.

Tags
Department Of Housing And Urban Development