Construction to Begin in July on 240-Unit Community
Expected to be Available by February 2013
Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, and national multifamily developer Wood Partners announced the closing of a $26.8 million loan for the construction of Alta Mira Apartments, a new market-rate apartment community in Miami. Construction is scheduled to begin in July with the first units expected to be available in February 2013.
Love Funding Director Carolyn Whatley of the Palm Beach office secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan program. Using the program enabled Wood Partners to secure fixed, low-interest rate financing for the initial 16-month construction period and for the 40-year term of the permanent loan.
Wood Partners is the nation’s most active multifamily real estate company that acquires, develops, builds and manages high-density and mixed-use communities. According to Dave Thompson, director for Wood Partners in Florida, this area of Miami hasn’t seen significant new multifamily development since the mid-90s, so Alta Mira should be well received in the marketplace.
Wood Partners’ investor in Alta Mira is Westplan Investors (www.westplan.com), a privately held company that owns and manages 26 apartment properties with over 8,500 units and a commercial portfolio of approximately 1 million square feet. MSA Architects of Miami designed the project, which will be constructed by Current Builders and managed by Laramar Group’s South Florida division.
According to the National Association of Home Builders, the one-year impact of construction activity for apartment projects of this size typically is nearly 300 direct and indirect jobs, $19 million in annual economic output, and nearly $2 million in local taxes and fees. On an ongoing basis, the local economic output is estimated around $5 million, including more than 100 direct and indirect jobs.
Alta Mira is the first new apartment development to be constructed in the immediate market in recent years. The property will offer convenient access to Miami’s central business district, a new Whole Foods directly across the street, major retail centers, numerous educational facilities and restaurants, and South Florida’s finest beaches.
Each of the 240 apartment units will offer generous amenities, including energy efficient ENERGY STAR® appliances. The development will also feature a 3,680 square foot clubhouse complete with a computer center, fitness center and kid’s playroom. The covered arcade will look over a pool and three interconnected landscaped parks. The clubhouse and first wave of units are expected to be available by February 2013.
Love Funding’s Whatley has closed nearly $1 billion in multifamily and commercial loan transactions across 43 states in her 25+ year career in the mortgage banking industry.
For more information, contact Carolyn Whatley.