North Miami Beach apartment project nabs $71M refinancing
The property had scored a $51M construction loan for the project in 2017
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.