Newmark has secured a $35.5 million Freddie Mac-backed acquisition loan for Seascape Pointe, a 292-unit, garden-style apartment community located in Homestead.
Located at 1140 SE 24th Road, the property was built in 2006 as part of the larger Keys Gate Community. Units at the community feature a mix of three and four-bedroom townhome-style units with an average size of 1,456 square feet and vaulted ceilings. Property amenities include a resort-style swimming pool, playground, outdoor fitness center, dog park and a 24-hour gated entrance with a security guard.
Matthew Williams, Fernando Riboli, James Maynard and Kyle Schlitt of Newmark secured the financing on behalf of the borrowers, a joint venture partnership between Angelo Gordon and Mast Capital. Terms of the financing included a low fixed-rate with full-term interest-only payments over a 7-year term.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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