Hunt Real Estate Capital Provides $71.3M Refinancing Loan for New Multifamily Property in Metro Miami
NORTH MIAMI BEACH, FLA. — Hunt Real Estate Capital has provided a $71.3 million Freddie Mac refinancing loan for Lazul Apartments, a 365-unit multifamily community in North Miami Beach. The 11-year, nonrecourse loan features a fixed interest rate in the 3 to 3.5 percent range, a 30-year amortization schedule and interest-only payments for the full term. The borrower, a limited liability company comprising Hunt Cos., EDEN Multifamily and Florida Value Partners, developed the asset in 2018. Lazul Apartments offers studio to three-bedroom units, which were 89 percent occupied at the time of the transaction. Communal amenities include a clubhouse, package services, picnic area, dog grooming area, fitness center, eight-story parking garage and a pool. The eight-story asset is situated at 2145 NE 164th St., 17 miles north of downtown Miami.