Rockwood Capital Obtains $88M Refi on Edgewater Apartments
Rockwood Capital inked an $88 million refinancing for the 297-unit Modera Edgewater in Miami. The transaction refinances a maturing loan, returns equity to investors, and provides long-term fixed-rate financing.
Colliers Mortgage Structured Finance Group, led by Jonathan Lee and Shahin Yazdi, arranged the Fannie Mae permanent loan. The team secured an early rate lock before the loan closing. The loan carries an interest rate fixed at 5.35% and has a 7-year full-term interest-only structure.
Located just one block from Biscayne Bay, Modera Edgewater is ideally situated within the Edgewater neighborhood, offering convenient access to major employment centers, recreational destinations, dining, and retail. The building’s unit mix includes studios, one-bedroom, two-bedroom, and three-bedroom apartments, designed to appeal to a wide spectrum of high-income renters seeking upscale accommodation in one of Miami’s most desirable neighborhoods.
Other News
Lincoln, McCourt Launch 344-Unit Culver City Mixed-Use
Lincoln Property Company and McCourt Partners have broken ground for ElevenOneEleven, a new mixed-use development in Culver City. The groundbreaking occurred three weeks after Lincoln and McCourt announced $133 million in construction financing from Bank OZK. Set to rise on a vacant parcel, ElevenOneEleven will deliver 344 rental apartments, including 52 affordable units, along with 2,000 square...
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Logisco Launches $60M Quebec Rental Project With New Brand
Logisco is stripping back the amenity race with a $60M Quebec City apartment development aimed at renters who would rather pay less each month than fund pools, gyms and other extras. The developer has started construction on 193 apartments at 7075 Wilfrid-Hamel Blvd., the first project under its new Elie rental brand. The 10-storey building...
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Virtus Buys Hamilton Retirement Residence For $26M
Virtus Diversified REIT has purchased a 91-suite retirement residence in Hamilton for $26M, expanding its seniors housing portfolio. The acquisition of Abington Court Retirement Residence at 1500 Main St. E. closed Nov. 3. The independent living property opened in 2005 and added 20 suites in a 2018 expansion. Located west of the Red Hill Valley...
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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