MIAMI—It's not massive refi, but it's a telling one. Hunt Mortgage Group, a commercial real estate lender, just arranged a $3.6 million Fannie Mae loan facility to refinance a multifamily property located in Miami's white hot market.

What makes the deal interesting, in part, is the age of the multifamily product and its location near boomtown. Garcia Apartments developed in 1973 when Miami was a much different place than it is today. Given the boom, though, these older assets are in high demand and many owners are holding tight for the right time to sell.

“Garcia Apartments has been well-maintained and successfully operated since it was built in 1973 by Jorge and his family,” Steven Cox, managing director at Hunt, tells GlobeSt.com. “It has also been 100% occupied for the past 24 months, which exceeds the local current market economic occupancy rate. The property is also well located and is seven miles west of the downtown Miami area."

Garcia Apartments is not a big complex. It sits on a 1.32-acre parcel of land at 2150 Northwest 9th Street and is just one four-story building with 62 units. Nevertheless, Jorge Garcia took interest. His Garcia Apartments bet on the asset with a loan structured in a 10-year term with a 9.5-year yield maintenance period and 30-year amortization.

Garcia Apartments has one-bedroom, one-bathroom and two-bedroom, one-bathroom units and 88 open parking spaces. Hunt Mortgage Group's Cox and Marc Suarez closed the deal via Daniel Ela and Michael MacNeil of Meridian Capital.