Northmarq’s Miami office completes $12.65 million refinance of Sunhouse Apartments in Hialeah, Florida
MIAMI LAKES, FLORIDA (January 3, 2022) – Bob Harrington, vice president of Northmarq’s Miami Lakes debt/equity office, arranged the $12.65 million refinance of Sunhouse Apartments. The 180-unit multifamily property, located at 6975 West 16th Avenue in Hialeah, Florida. The transaction was structured with a fully-amortizing 10-year term. Northmarq arranged financing for the borrower through its in-house Fannie Mae team.
“The borrower has trusted Northmarq to finance this property multiple times. This latest refinance allowed the sponsor to pull significant cash out, almost all of which will be put back into various aesthetic, structural and energy efficient improvements at the property,” said Harrington. “The loan was structured with a 10-year interest-only term, with a fixed interest rate just over three percent.”
The property is one of the few large rental complexes within the heart of Hialeah. It was originally built as a condominium, and provides open floor plans that are unique when compare in typical rental communities, including in-suite master bathrooms, walk in closets, eat in kitchens and balconies. Located in Florida’s sixth largest city, residents are immersed in a strong community, demonstrated through annual festivals like Art on Palm Festival, Eggstravaganza, Independence Day Celebration and Santa’s Snowblast continue to strengthen that bond. Nearby attractions include: Hialeah Park Racetrack, Westland Mall, Shula’s Golf Club, Country Club of Miami, and Miami Springs Golf & Country Club, Amelia Earhart Park and sporting events at Hard Rock Stadium.
Community amenities include: Laundry facilities, maintenance on site, property manager on site, 24-hour availability, renters insurance program, online services, pet play area, elevator, pool, playground, grill and picnic area. Apartment amenities include: High-speed internet access, air conditioning, smoke free environment, cable ready, pantry, eat-in kitchen, oven, range, refrigerator, freezer, tile floors, walk-in closets, balcony and patio.
