A proposed redevelopment near Opa-locka City Hall could bring housing, retail, hospitality, education and community services to six publicly owned parcels, marking a major investment in the city’s downtown core. The overall development has been valued at approximately $532 million.
The site was acquired from Two Roads Development and Newgard Development Group.
The sale is one of the largest condominium-to-multifamily rental conversions in Florida.
The $32 million transaction closed quickly as an all-cash 1031 exchange acquisition, trading at a record price per unit for the submarket and a cap rate below 5 percent.
The Cove will rise on the site of a former hotel property, delivering 376 residential units in an eight-story building with structured parking.
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Alamar Senior Living offers 105 assisted living and 29 memory care units that are 96% occupied.
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.
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JLL represented the borrower in securing the three-year loan through S3 Capital.