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
Development Conference May 15, 2025
Joe Hernandez moderates The Florida Condo at a Critical Juncture panel at Bilzin Sumberg’s Development Conference. Panelists survey the critical issues affecting owners, investors, and developers as they pursue new condo developments and redevelopment projects across the state.
Development Conference May 15, 2025
Anthony De Yurre and Kelly Ruane Melchiondo discuss the effects of Florida statutes and legal challenges surrounding “shared facilities” in hotel-condominiums and other multiparcel residential buildings, and recent amendments to Florida’s Live Local Act along with an assessment of ...
Client Alert May 2, 2025
Senate Bill 1730 (“SB1730”) was passed by the legislature on May 1, 2025, and will become law on July 1, 2025, unless signed earlier or vetoed by the Governor. SB1730 amends critical portions of the Live Local Act in Fla. Stat. § 125.01055 for counties and 166.04151 for municipaliti...
VIEW MORE