Developer scores construction loan for Casa Grove rentals

[Account Closed]

Investment Info:

Large multi-family (5+ units) commercial investment investment in Miami.

Purchase price: $30,000,000
Cash invested: $30,000,000

This project, located next to the Coconut Grove Metro Rail Station, will break ground late spring 2017 and be a Class A multifamily rental project with 130 rental units, 105,000 rentable residential square feet and 15,000 sq ft of rental commercial space.

What made you interested in investing in this type of deal?

The developers had experience in building new multi-family development. The were not afraid in following the directions given by my FO. They met the FO's financing criteria, and dedication in completing the project.

How did you find this deal and how did you negotiate it?

The deal was facilitated through the development group B Developments.

How did you finance this deal?

My FO provided both debt and equity into the project and gave the project the right to sell to the investors who were operating through the FO.

What was the outcome?

Project is currently being built as we speak.

Lessons learned? Challenges?

There were not to many challenges in this project. The developers were easy to work with

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No. Not on this one.