Michael Balan secures acquisition financing for Havana 401 Apartments in Miami, Florida
MIAMI, FLORIDA (October 24, 2019) – Michael Balan arranged acquisition financing for Havana 401 Apartments. The property is located at 401 Southwest 17th Avenue in Miami, Florida.
Financing Details:
- 10-year term with 1-year of interest-only
- 30-year amortization schedule
- NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with Fannie Mae.
Producer Quote:
“Little Havana is a submarket that is thriving, with very little vacancy, increasing rents and few new apartment projects being built. This property is just blocks from “Calle Ocho” - the epicenter of Miami’s Cuban Historical district. The buyer makes for an ideal owner given their local experience and hands-on approach to managing their properties. NorthMarq and Fannie Mae are both dedicated to supporting affordable workforce housing and we feel that this transaction is a step toward achieving that objective.”
- Michael Balan
Property Details:
- The multifamily property contains 30 units
- Amenities include abundant secure parking, laundry facility on each floor, stainless steel appliances, washer/dryer hookups and secure access.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
