The financing is reportedly the largest HUD loan issued in Florida, as well as the largest multifamily loan approved by HUD’s Southeast regional office and the biggest HUD transaction completed by Dwight Capital.
JLL represented the borrower in securing the three-year loan through S3 Capital.
At approximately $90,000 per unit, the site’s per-unit pricing is the highest ever paid for a South Miami development site.
The property is currently improved with the Aventura Offices and Medical Center, a two-story office and medical office building totaling about 37,000 square feet.
To qualify, investors must invest $800,000 in capital from a lawful source of funds into the project.
The two-story property sold for $510 per square foot.
With sales led by Key International and ONE Sotheby’s International Realty, the building is expected to commence construction within the next 12 months.
Adam Marcuvitz, Joeseph Thomas, Ethan Krauss and Alec Demetriou of Marcus & Millichap exclusively marketed the property on behalf of the seller.
A county-owned site in northwest Miami-Dade could be transformed into a large-scale development combining warehouse space, affordable housing, retail, restaurants and recreational amenities.
Aventura 2999 LLC has filed a revised proposal for the four-acre property at 2999 NE 191st Street, where the prior plan called for a 26-story condominium tower with 295 units.
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