North Miami Beach apartment project nabs $71M refinancing

The property had scored a $51M construction loan for the project in 2017

Miami /
May.May 12, 2020 06:00 PM
Jay Jacobson of Eden Multifamily and Lazul Apartments (Credit: Google Maps)

Jay Jacobson of Eden Multifamily and Lazul Apartments (Credit: Google Maps)

A development group led by Eden Multifamily scored $71.3 million in refinancing for an apartment building in North Miami Beach.

North MB Owner, consisting of Eden Multifamily, Florida Value Partners, and Hunt Companies, secured the loan for the 356-unit Lazul Apartments at 2145 Northeast 164th Street. Hunt Real Estate Capital provided the financing, according to a press release.

The property is an eight-story building on 2.57-acres near the intersection of Biscayne Boulevard and Northeast 163rd Street.

The loan has an 11-year term that will amortize over 30 years, according to the release. The apartments are currently 89 percent occupied.

The development group bought the property for $10.2 million in 2015, according to records. The developers scored a $51.24 million construction loan for the project in 2017 from JP Morgan Chase. It was completed in 2018.

North Miami Beach is seeing a wave of new development. In January, Bizzi & Partners Development scored approval for a mixed-use tower along 163rd Street in North Miami Beach. The developer plans to build a 33-story building with nearly 8,000 square feet of ground-floor retail and 456 residential units.


Related Articles

arrow_forward_ios
A photo illustration of 1401 Southeast 15th Street (bottom) and 1300 Northeast Third Street (top) in Fort Lauderdale (Google Maps, Getty Images)
LA investor pays $30M for aging 90-unit Fort Lauderdale rental portfolio
LA investor pays $30M for aging 90-unit Fort Lauderdale rental portfolio
From left: Alta Developers’ Raimundo Onetto, Bizzi & Partners’ Davide Bizzi, and Silverback Development's Josh Schuster with 100 Southwest Sixth Street
Alta pays $21M for downtown Fort Lauderdale multifamily dev site
Alta pays $21M for downtown Fort Lauderdale multifamily dev site
Invesca Development Group’s Bernard and Michael Hsiao with the development site at 4300-4400 Northwest Ninth Court in Plantation (Invesca, Google Maps)
Invesca scores $77M construction loan for Plantation rentals
Invesca scores $77M construction loan for Plantation rentals
From left: Isaac Toledano, Teddy Sagi, Jorge Pérez and Michael Masanoff with a rendering of Transit Village (Related, LinkedIn, Rendering via Arquitectonica)
Pérez and Sagi’s Transit Village in WPB advances
Pérez and Sagi’s Transit Village in WPB advances
Fontainebleau Development's Jeffrey Soffer and PowerHouse Marina at 13255 Biscayne Boulevard (Fontainebleau Development, Google Maps, Getty)
Jeffrey Soffer’s Fontainebleau buys North Miami marina
Jeffrey Soffer’s Fontainebleau buys North Miami marina
MG Developer's Alirio Torrealba with 3191 Southwest 39th Avenue and 3160 Southwest 38th Court (LinkedIn, Google Maps)
MG completes Miami apartments dev site assemblage
MG completes Miami apartments dev site assemblage
Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group's Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne (Cushman & Wakefield, Rockpoint, Related Group, Wikipedia, Lincoln Property Group)
Lincoln Property pays $194M for newly built Boca apartments
Lincoln Property pays $194M for newly built Boca apartments
Metronomic's Kelly Beam with 3265 Bird Avenue (Metronomic Holdings, Google Maps)
Embattled developer’s Coconut Grove rentals head to auction
Embattled developer’s Coconut Grove rentals head to auction
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...