MIAMI-The 371-unit One Broadway Apartment Tower at 1451 South Miami Ave. has received $55.75 million in permanent financing.
Jason Shapiro, managing director of locally based Aztec Group Inc., represented the borrower in the placement of the loan with a US-based life insurance company. The fixed-rate loan term is 20 years. Shapiro tells GlobeSt.com that the loan was a refinancing of the construction loan. "The borrower took advantage of the aggressive nature of the capital markets today to secure this loan," Shapiro says.
The 36-story apartment tower, which also contains 15,000 sf of ground-floor retail space, was constructed in 1995 by Miami-based Rilea Group. The building contains 28 studios ranging in size from 553 to 610 sf, 98 one-bedroom units ranging in size from 775 sf to 1,024 sf, 218 two-bedroom units ranging in size from 1,197 sf to 1,362 sf and 27 three-bedroom units that are 1,663 sf. Rents range from $1,495 to $3,995. Amenities include 24-hour concierge, a seventh-story pool and sundeck, fitness center with indoor racquetball courts, entertainment and recreation center with theater, business center, terraces with city and bay views, and impact-resistant windows.
Shapiro adds that the loan has features not commonly found in today's marketplace. "The borrowers have the right to take out supplemental funding under this loan," he says. "That's atypical for this market."
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