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 one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
