Developers land $19M construction loan for Opa-locka affordable housing

Joint venture plans 112 townhomes in 23 buildings

Miami /
Sep.September 02, 2020 11:30 AM
Andrew Kurnit, Jeremy Ben-David, and Brian Sidman with a rendering of the project

Andrew Kurnit, Jeremy Ben-David, and Brian Sidman with a rendering of the project

A joint venture closed on a $19 million construction loan for a $26 million Opa-locka development geared toward affordable housing.

Redwood National Properties, a subsidiary of BAS Holdings Investments, in a joint venture with Winston Capital Partners, paid $5 million for a 10-acre site at 1719 Northwest 143rd Street within the existing Mirage at Sailboat Cove, according to a release.

The developers plan to build 112 four-bedroom, two-and-a-half bath townhouses in 23 buildings. Mirage at Sailboat Cove, built in 2007 along Mitchell Lake, has 59 units.

Coastland Construction is the builder on the project. The joint venture plans to begin delivering units in mid-2021 and finish the development in early 2022, according to the release.

Miami-based BAS Holdings, led by Brian A. Sidman, focuses on parking investments, land deals and workforce housing developments. Sidman is also co-founder and principal at Metis Innovative, a venture capital firm focused on investments in early stage neuroscience medical device and technology companies, according to BAS’ website. He also worked with Michael Packan on Keystone National Properties to cater to 1031 investors.

Winston Capital is led by David Burstyn.

Andrew Kurnit of DWNTWN Realty Advisors helped secure the construction loan from City National Bank of Florida. AXS Law Group partner and BAS general counsel Jeremy Ben-David represented the joint venture in closing the loan, according to the release.

Cushman & Wakefield recently reported that a record 28,000 multifamily units are under construction in South Florida.

Other multifamily properties under development in South Florida include a 420-unit cluster of low-rise apartment buildings along a canal in Hollywood by the Related Group, a senior housing development in Allapattah by the Richman Group and a mixed-use downtown Hollywood development featuring 216 apartments by Housing Trust Group.


Related Articles

arrow_forward_ios
Location Ventures founder and CEO Rishi Kapoor with a rendering of the Location Ventures proposed project on the left and a rendering of Codina Partners’ Regency Tower project on the right (Hamed Rodriguez Architect, Nichols Brosch Wurst Wolfe & Associates and Codina Partners, Location Ventures)
Coral Gables OKs Armando Codina’s rental tower, Location Ventures’ condos
Coral Gables OKs Armando Codina’s rental tower, Location Ventures’ condos
US HUD Secretary Marcia Fudge (Getty, iStock)
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
Lee Associates' Matthew Jacocks along with a rendering of the 441 Arthouse project (Lee Associates, iStock)
Developers plan Lauderhill mixed-use, multifamily development with 245 units
Developers plan Lauderhill mixed-use, multifamily development with 245 units
Russell Galbut in front of 1030-1050 Sixth Street in Miami Beach (LoopNet, GFO Investments)
Russell Galbut buys dev site near Five Park in South Beach, plans hotel
Russell Galbut buys dev site near Five Park in South Beach, plans hotel
From left: The Estate Companies' managing principal Robert Suris and principal Jeffrey Ardizon along with a rendering of Soleste Pompano Beach and a sitemap for Soleste Hollywood Boulevard (The Estate Companies)
Estate Companies’ Pompano Beach, Hollywood apartment projects advance
Estate Companies’ Pompano Beach, Hollywood apartment projects advance
Edgewater Tower (iStock)
Miami board rejects Aimco’s proposal for waterfront Edgewater tower
Miami board rejects Aimco’s proposal for waterfront Edgewater tower
A rendering of the Art 88 apartment complex at 8855 Fontainebleau Boulevard in Miami-Dade County with Trion Properties Managing Partners Max Sharkansky and Mitch Paskover (Trion Properties)
Trion enters Miami-Dade with $87M multifamily purchase
Trion enters Miami-Dade with $87M multifamily purchase
Michael Stern with rendering of 1 Southside Park (DS Development Group and SHoP Architects)
Michael Stern’s JDS lands $86M loan for planned mixed-use Brickell high-rise
Michael Stern’s JDS lands $86M loan for planned mixed-use Brickell high-rise
arrow_forward_ios

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

Loading...