Hunt Real Estate Capital Lends $6 Million for New Hialeah Apartments
The refinancing is for the completed 39-unit District apartment building southwest of Interstate 75 and the Palmetto Expressway.
October 15, 2019 at 10:53 AM
3 minute read
Marc Suarez, director with Hunt Real Estate Capital. Courtesy photo
Big-name developers are planning edgy mixed-use projects in Hialeah, but until their vision comes to fruition, other developers are building thousands of residential units.
Take Miami Lakes-based Prestige Cos. It completed over 800 units in the northwest Miami-Dade County city, most recently securing $6 million in refinancing for its new District apartment building.
Commercial real estate lender Hunt Real Estate Capital LLC provided the Fannie Mae pool-backed DUS loan with director Marc Suarez in Miami closing the deal Aug. 19. The refinancing breaks down to $153,846 per unit.
New York-based Hunt Real Estate Capital is a subsidiary of family-owned Hunt Cos. based in El Paso, Texas. Hunt operates over a dozen companies that focus on real estate and infrastructure, including development, financing, management and investment.
This is a 15-year term loan with a 30-year amortization schedule. The first seven years are interest only. The refinancing is being used to pay off the construction loan and recapture equity, Suarez said in a news release.
Hunt Real Estate Capital previously financed two other Prestige projects in Hialeah.
Prestige's "local knowledge and experience in this market has allowed them to strategically acquire, entitle and develop quality workforce housing for Hialeah's residents," Suarez said.
The L-shaped, three-story District apartment building completed in March sits on 1.2 acres at 8250 W. 21st Lane, southwest of the Interstate 75 and Palmetto Expressway interchange, a major connector for Hialeah.
The fully leased District has 39 units. There are 12 one-bedroom units that average 630 square feet and 27 two bedrooms that average 845 square feet, according to multifamily listing website Apartments.com.
The units have walk-in closets, washers, dryers, impact windows, fire sprinklers, granite countertops and wood cabinets.
Also in Hialeah, Prestige is building the 12-unit Ronny's Place Apartments at 4260 Palm Ave. and 94-unit 640 West Apartments at 640 West 18th St. It completed the 108-unit Palm West Apartments at 2405-2453 W. 78th St.
Some of the mixed-use projects coming to Hialeah promise to bring a new flavor to the traditionally blue-collar city known for a large Cuban-American population.
Arena Capital Holdings, a Miami commercial real estate investor, and Coral Rock Development Group, are developing the 9-acre Pura Vida Hialeah northeast of Okeechobee Road and Milam Dairy Road. It will bring 260 apartments and 51,000 square feet of retail.
To the south, Avra Jain is partnering with David Martin, president of prolific Miami developer Terra Group LLC, to renovate a 6-acre industrial complex that housed a bed factory. They envision an entertainment venue with creative concepts such as a brewery or distillery at the property at 4800 NW 37th Ave.
Related stories:
Wynwood is Old News as Developers Move to Uncharted Areas
Growing Hialeah Getting More Multifamily With $8.7 Million Bank Loan
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