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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