Miami-scene Photo of Miami byShutterstock

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NORTH MIAMI BEACH, FL-EDEN Multifamily, Hunt Companies, andFlorida Value Partners worked with Freddie Mac to secure a $71.3million loan to refinance a 356-unit, Class A apartment here. Theconventional loan was made via the GSE's pre-staiblilizationprogram.

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Lazul Apartments is a mid-rise apartment community situated on2.57-acres of land. The eight-story property has an attachedeight-level parking garage.

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The borrower is North MB Owner, LLC, a Delaware limitedliability company. The loan has an 11-year term that will amortizeover 30 years with an attractive interest-only term. "The borrowerdeveloped the property in 2018 and rental units came online inOctober of the same year," Marc Suarez, director at Hunt RealEstate Capital, says in prepared remarks.

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"Since coming online, the property has an average of 22 newoccupancies per month and is currently 89% occupied. In addition,the borrower was able to modify zoning on retail to residential,which will provide seven work-live lofts."

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The property is located near the intersection of Biscayne Blvdand NE 163rd Street, a main thoroughfare in the region. The localarea is lined with numerous commercial and retail facilities, andLazul Apartments is located within two miles of Aventura Mall, thelargest mall in Florida.

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