BAS Holdings Investments’s Redwood Dev Co Secures $24M Loan For Workforce Housing Community

Redwood Dev Co, LLC, an affiliate of BAS Holdings Investments, LLC (“BAS”) secured $24 million in financing from Valley Bank for Mosaic Apartments, a workforce housing community in Opa-locka.

“We are excited to finalize the financing for our 98-unit Mosaic apartment project in Opa-locka,” said David Burstyn, developer and principal of Redwood Dev Co. “We are eager to move hard working families into newly constructed apartments that come at an affordable rent.”

The Miami-based developer is building the five-story project on a 2.1-acre property at 13800 NW 22nd Ave. The Mosaic community will feature three and four-bedroom units with granite countertops, 196 parking spaces and a playground. Ten of the units will be live-work, allowing residents to operate their businesses from there.

Mosaic is slated to be completed in the fourth quarter of 2024. Also in Opa-locka, Redwood recently completed the 171-unit The Mirage at Sailboat Cove apartments, another workforce housing community.

Redwood Dev Co says demand for workforce housing will continue to grow as Miami’s apartment rental prices continue to climb. Redwood’s goal is to build 5,000 workforce housing units over the next five to seven years in South Florida and is seeking sites, financing opportunities and interested cities to achieve this goal.

“Redwood Dev Co’s focus is on recession resistant impact investments. Our firm has an internal mandate to develop thousands of units in South Florida which will fill the major void in a dire affordable housing crisis,” said Brian A. Sidman, Founder of BAS Holdings Investments. “Our goal is to focus on developing communities close to major thoroughfares that are high quality units for families in need of housing at an affordable rent.”