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Barrington Brothers has secured $60.9 million of construction takeout refinancing for its nearly complete multifamily development in Miami-Dade County, the developer announced Monday afternoon.
Värde Partners supplied the two-year, floating-rate loan on Barrington Brothers’ 282-unit The Kavista in El Portal, Fla. The development, just north of Miami, is slated for completion by the end of February.
“We look forward to a long-term partnership with Barrington Brothers as they launch a well-amenitized property in the vibrant Miami market,” Jim Dunbar, head of real estate lending at Värde, said in a statement.
Barrington Brothers previously inked a $60 million construction loan from Trez Capital in early 2022, The Real Deal reported at the time. The Miami-based developer acquired two lots for the development site through an affiliate in 2013 for nearly $1.2 million combined, and received approval from El Portal’s Village Council in May 2020, according to TRD.
JLL (JLL) arranged the transaction with a capital markets debt advisory team led by Melissa Rose, Michael DiCosimo and Maddy McMillen.
Located at 495 NE 83rd Street, the property will consist of one-, two- and three-bedroom units. Community amenities will include a swimming pool, a coworking lounge, a theater, a fitness center and electric vehicle charging stations.
“We are looking forward to this next phase as we begin welcoming our new tenants in the coming weeks,” Kenneth Barrington, managing director with Barrington Brothers, said in a statement.
Andrew Coen can be reached at acoen@commercialobserver.com
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