Carey A. Stiss Closes $30 Million First Loan Mortgage For Multifamily Project
As South Florida's real estate market continues to gain momentum, particularly in the multifamily housing market, lenders and property owners are increasingly negotiating deals for solid, well-positioned projects. In this latest deal, Bilzin Sumberg real estate partner, Carey A. Stiss, negotiated a $30 million first mortgage loan on behalf of client, NXT Capital, LLC, to AP WP Terrazas LLC, for a multifamily apartment project located along the Miami River. NXT Capital is a mid-market lender with offices throughout the country, including Chicago and Atlanta.
Terrazas Riverpark Village, a 324-unit, Class A, two-building complex, is located near downtown Miami, Florida, and was developed as a condominium with the intention of selling individual units. However, with the recent real estate market downturn, no units were actually sold to third-party buyers. The original developer lost the project to its lender, who sold the project to AP WP Terrazas LLC in 2010.
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