Newmark announced that its Florida financing team has arranged and secured a $35.525 million Freddie Mac-backed loan as part of a multifamily property purchase by a joint venture between Angelo Gordon and Mast Capital.
The financing features a low fixed-rate with full-term interest-only payments over a 7-year term. Newmark’s Executive Managing Director Matthew Williams, Vice President Fernando Riboli, Assistant Vice President James Maynard and Associate Director Kyle Schlitt led the financing on behalf of the partnership.
The joint venture partnership acquired Seascape Pointe, a 292-unit, garden-style apartment community located in Homestead. The $35.525 million Freddie Mac-backed loan will allow the partnership to execute a value-add strategy to include interior unit renovations along with amenity and exterior improvements.
“The Homestead area is quickly growing and continues to experience increased development from both commercial and residential interests,” said Williams. “As a result, Seascape Pointe is well-positioned as the need for cost-effective housing has risen greatly and, coupled with the partnership’s improvement plans, should solidify the asset for years to come.” Riboli added, “We are pleased to have led the financing arrangement on behalf of Angelo Gordon and Mast Capital in collaboration with our colleagues at Freddie Mac, who continuously prove to be leaders in supporting low-cost housing.”
Seascape Pointe, located at 1140 SE 24th Road in Homestead, is minutes from an abundance of retail, dining and entertainment options that include the Homestead Pavilion, Portofino Plaza, Florida Keys Outlet Marketplace, and is proximate to Downtown Homestead and some of its largest employers. The property also provides excellent regional accessibility with the Florida Turnpike less than 2-miles away. Initially built in 2006 as part of the larger Keys Gate Community, the units at this community feature a mix of three and four-bedroom townhome-style units with an average size of 1,456 square feet, vaulted ceilings, and oversized walk-in. Property amenities include a resort-style swimming pool, playground, outdoor fitness center, dog park and a 24-hour gated entrance with a security guard.
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