Latigo Group scores $50M loan for Miami Gardens apartments
Monthly rents will range from $1,700 to $2,300
The Latigo Group scored a $50 million construction loan for its apartment project that will be part of a major mixed-use development in Miami Gardens.
The Los Angeles-based real estate firm scored the loan from 3650 REIT to construct its 259-unit project at 19279 Northwest 27th Avenue in Miami Gardens.
Called the Center at Miami Gardens, the project will have three residential buildings as well as a clubhouse, and will sit on about 10 acres of land. It is adjacent to a Super Walmart and south of the Hard Rock Stadium.
The first apartment units will be delivered in late 2020. Rents will range from $1,700 to $2,300 per month depending on the unit type, size, and features, according to a spokesperson for 3650 REIT.
The apartments are part of a bigger development known as the Pomelo that will include a 37,000-square-foot building on a 4.63-acre parcel that will be leased to 24 Hour Fitness. It will also include a 1.39-acre parcel that will be leased to Murphy Oil USA for 20 years, according to Latigo Group’s website.
The Latigo Group is a privately-owned residential, mixed-use real estate development and investment company.