Carey A. Stiss Closes $30 Million First Loan Mortgage For Multifamily Project

Press Release
April 26, 2011

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.

About Bilzin Sumberg

Bilzin Sumberg Baena Price & Axelrod LLP is a full-service, commercial law firm with extensive experience in the areas of commercial finance, corporate and securities, environmental law, land use and government relations, litigation, real estate, restructuring and bankruptcy, tax and wealth preservation planning. For more information, please visit www.bilzin.com.

YOU MIGHT ALSO LIKE
Blog November 16, 2022
Until recently, Florida law did not require condominiums to conduct reserve studies, and it allowed unit owners to waive or reduce budgeted reserve contributions through a membership vote. Recent changes to the Florida Condominium Act, however, have reversed course on these issues in light of buildi...
Publication October 19, 2022
On May 26, Florida Senate Bill 4-D: Building Safety became law. S.B. 4-D makes a laudable attempt at addressing the physical issues facing Florida’s aging condominium stock. Its primary effect is to create two mandatory pillars of protection: periodic milestone inspections and structural integ...
Speaking Engagement October 7, 2022
Martin A. Schwartz presents on the panel, Mixed Use/Vertical Subdivision Issues, Drafting & Operational Challenges and Solutions, at theRalph E. Boyer Institute on Condominium and Cluster Development, hosted by the University of Miami School of Law.
VIEW MORE