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Hunt Delivers $71M Refi for North Miami Beach MF

North MB Owner, LLC secured $71.3 million Freddie Mac conventional loan via the pre-stabilization program to refinance Lazul Apartments in North Miami Beach. Hunt Real Estate Capital provided the financing for the 356-unit, Class A, fully-amenitized, mid-rise apartment community situated on 2.57-acres.

The deal was executed in partnership with EDEN Multifamily, Hunt Companies, Inc., and Florida Value Partners. The loan has an 11-year term that will amortize over 30 years with an attractive interest-only term.

Hunt Real Estate Capital’s Marc Suarez says, “The borrower developed the property in 2018 and rental units came online in October of the same year. Since coming online, the property has an average of 22 new occupancies per month and is currently 89% occupied. In addition, the borrower was able to modify zoning on retail to residential, which will provide seven work-live lofts.”

The property, near Biscayne Blvd. and NE 163rd Street, is comprised of an eight-story building with an attached eight-level parking garage.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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