Fifteen Group Obtains $52.6M Refi on Miami Multifamily Venture
Fifteen Group has secured a $52.6 million refinancing loan for Horizons North, a 276-unit garden-style community in Miami. Multihousing News reports that JLL Capital Markets’ Mark Wintner, Joshua Odessky, and Charlie Foy led the debt advisory team that arranged a Freddie Mac note.
Fifteen Group had acquired the asset in 1999 from LNR Property.
Completed in 1982 at 665 Ives Dairy Road, the property comprises three four-story buildings across a 12-acre site. The unit mix consists of one-, two- and three-bedroom floorplans ranging from 690 to 1,495 square feet.
Shared amenities include a fitness center, playground, spa, swimming pool and grade-level parking with 500 spots. Horizons North has undergone both interior and exterior renovations to comply with the 40-year recertification program instituted in Miami-Dade County.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
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80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
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312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout