Alpine Townhomes Secures $45.2M Refi From Regions Bank For Workforce Housing Community In Opa-locka

Alpine Townhomes, LLC, an affiliate of Redwood Dev Co, secured a $45.2 million refinancing from Regions Bank for The Mirage at Sailboat Cove, a workforce housing community in Opa-locka.

Alpine Townhomes owns 138 of the 171 units at The Mirage at Sailboat Cove, a 13-acre gated community at 14301 NW 17 Path. Each townhome has two stories and spans approximately 1,380 square feet, with four bedrooms and two-and-a-half bathrooms.

“Our goal is to continue offering high quality rentals to the community as we work toward developing 5,000 workforce housing units over the next five to seven years in South Florida,” said Brian A. Sidman, Founder and Principal of Redwood Dev Co. “We have a robust development pipeline and are actively looking for sites, whether through private sellers or working with cities on public private partnerships in order to hit our goals.”

The Sailboat Cove property runs alongside Mitchell Lake in northern Miami-Dade, within proximity of North Miami and Miami Gardens, and within 1.5 miles of I-95 and other major transportation arteries. It offers convenient access to nearby employers, which is a key draw for residents.

Opa-locka and North Dade overall are enjoying an influx of new residents, as workers move north in search of housing and other resources that are less expensive.

The Sailboat property will become one of the most sought-after workforce housing communities in the area, filling a gap of competitive options geared at renters earning up to 120% of the Average Median Income (“AMI”).

“The demand for workforce and affordable housing is only growing and Redwood Dev Co is well positioned to meet the demand,” said David Burstyn, Co-Founder and Principal of Redwood Dev Co. “We are excited to work with Regions Bank and other lenders who are engaged in helping address the need for more housing options for Greater Miami’s growing population.”

Redwood Dev Co, a joint venture between BAS Holdings Investments and Winston Capital Partners, recently secured $24 million in financing from Valley Bank for Mosaic Apartments, a 98-unit workforce housing community in Opa-locka. It is the first ground-up multifamily community built in Opa-locka in a decade, marking an important milestone.