Development Team Inks $125M Construction Loan for Miami Rental Community
Miami Design District Associates, Hunter Pasteur and The Forbes Company closed on a $125 million construction loan to build a 107-unit apartment project in Miami’s Design District.
Called Cassi, the 20-story project includes 161,444 rentable square feet of residential space across a mix of units, averaging 1,509 square feet. Unit types range from one to three bedrooms with dens. The project also features 23,000 rentable square feet of retail space.
Walker & Dunlop Capital Markets, led by Sean Reimer, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella, and Michael Stepniewski, advised the joint venture team. Amerant Bank led the financing package, which also included Bank Hapoalim (HPI).
In 2024, Walker & Dunlop’s Capital Markets team sourced over $16 billion from non-Agency capital providers.
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Multifamily Refinancing Squeeze: 41% Higher Costs, $6.8B Equity Gap
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
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Mortgage Rates Tilt Demand Toward Multifamily: Marcus & Millichap
An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
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Revere, MA Weighs 1,700-Unit Housing Project
The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
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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
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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