North Miami Apartment Complex Lands Florida’s Largest-Ever HUD Loan

Omega Real Estate Management Group has secured $130 million in long-term financing for The Gardens Residences, a recently completed apartment community in North Miami.

Dwight Capital originated the HUD-insured loan through the agency’s Section 223(f) program. 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.

Dwight Capital Managing Director Keith Hoffman and loan originator Aaron Kirshtein arranged the financing for the borrower.

The 35-year, fixed-rate loan will replace existing debt and provide an equity distribution to the property owner. The apartment community had previously been financed with a $104 million bridge loan from Dwight Mortgage Trust, according to Yardi Matrix data cited in the original report. That loan was scheduled to mature in August.

Completed in 2024, The Gardens Residences is a nine-story, 358-unit development at 1155 NE 126th Street. The property includes studios and one-, two- and three-bedroom apartments ranging from 511 to 1,447 square feet.

The development also contains approximately 1,100 square feet of retail space. Thirty-eight apartments are designated for households earning no more than 120 percent of the area median income.

Community amenities include a swimming pool and spa, fitness center, clubhouse, coffee bar, outdoor yoga area, barbecue deck and several indoor and outdoor gathering spaces. The property also offers a recovery room, guest suites and private balconies or patios in select apartments.

The Gardens Residences is located near the Shoppes at Arch Creek and other retail and dining destinations. Downtown Miami and Miami International Airport are both within approximately 13 miles of the property.

 

Source: MHN