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MIAMI-Union Capital Investments LLC, a commercial real estate lender based in Atlanta, has provided $19 million for the refinancing of Harbor Key Apartments here.

The permanent financing involved a 5.97% fixed rate loan based on a 76.77% loan-to-value with debt service coverage of 1.38. The loan was for 10 years with a 30-year amortization.

Money from the transaction will be used to pay off a mortgage, to reduce the guarantor’s line of credit and to provide a return of equity to the borrower.

The two- and three-story apartment buildings consist of 300 units in 16 buildings located on 13.39 acres at 11011-11033 N. Kendall Dr.– about 15 miles southwest of Miami. Originally built in 1968 and 1970, the complex features 730-sf one-bedroom/one-bath units, 950-sf two-bedroom/one-bath units, 1,050-sf two-bedroom/two-bath units and 1,150-sf three-bedroom/two-bath units.

The property has received about $5.4 million in upgrades in the last five years.

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