Multifamily lender and investor Pensam has provided an $84 million loan to refinance Sanctuary at Doral, a nearly completed, 226-unit apartment community in Miami’s Doral submarket.
Located at 9400 NW 41st Street in Doral, the property is adjacent to a number of restaurants, shops and entertainment/arts venues. The amenities package on site includes a resort-style pool, child play park, and pet area with spa, as well as safety features such as biometric locks and smart key entry.
Pensam refinanced the existing construction financing at the property with an $84 million floating-rate loan for a three-year term with an extension option. The borrower was the project’s developer Shoma Group. Construction at the property is in its final stages, and lease-up efforts are underway.
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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