X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

MIAMI LAKES, FL-Locally based J.I. Kislak Inc. obtained two loans aggregating $44.5 million from different lenders for its multifamily properties in Coral Springs and Tucson.

HSBC provided a one-year, adjustable, fixed-rate loan of nearly $22.3 million for Kislak’s acquisition and conversion of Citation Way, a 272-unit rental complex at 9845 Westview Dr. in Coral Springs, to for-sale condominiums. It acquired the 18-acre property for just under $27.8 million and is selling units at prices ranging from the mid-$100,000s to the high $200,000s.

Wachovia Multifamily Capital Inc. provided a 10-year, fixed-rate loan at just under 5.1% for Mission Palms Apartments, a 360-unit rental property Kislak owns at 951 W. Orange Grove Rd. in Tucson. This 80% loan-to-value interest-only loan represents the refinancing of an existing senior loan on the property.

Both loans were arranged by Robert Kaplan, senior managing director, and Mark Rutherford, senior analyst in the Miami office of Holliday Fenoglio Fowler. The two transactions bring the number of financings arranged for Kislak by Kaplan and Rutherford to 12 over the past seven years, according to Kaplan. “We are also currently arranging construction financing for the company’s new lakefront condominium project in Sunrise,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.