Benefit Street Provides $28M Refi on Luxury Miami Apartment Development
Benefit Street Partners Realty Trust (BSPRT), a real estate investment trust affiliated with Benefit Street Partners, has provided $27.5 million in debt financing to an entity controlled by Marlon Gomez, the managing principal of Miami-based Gomez Development Group. The debt refinances 275 Fontaine Parc Luxury Apartments, a new 133-unit luxury rental development in Miami, Commercial Observer has learned.
BSPRT’s three-year bridge loan, which pays interest at a rate just under 6 percent, retired around $24.3 million in construction financing provided by BridgeInvest in Oct. 2018 to break ground and build out the asset at 275 Fontainebleau Boulevard, Miami-Dade County records show.
Hollywood, Fla.-based FM Capital’s Aaron Kurlansky and Dan Kaweblum arranged the financing on behalf of Gomez.
The property, which sits on a 2.2-acre site, is 85 percent occupied and has been issued its temporary certificate of occupancy, sources said. The goal of this financing is to reach stabilization to obtain a certificate of occupancy.
275 Fontaine Parc — designed by Miami-based Caymares Martin — features a fitness center with separate cardio and strength training stations and a swimming pool with a deck for sun-bathing as well as an adjacent pavilion lounge for dining. There’s also a clubhouse building with and lounge and coffee bar and an on-site dog park. Residents also have access to on-site dry cleaning, Luxor One package lockers and bicycle storage.
Bluewater Builders was responsible for the project’s construction, per county records, and Lincoln Property Company is the manager of the asset, according to its website.
Monthly rents for the one- and two-bedroom units could not immediately be gleaned and were not listed on the website or any third-party service, but rents for the three-bedroom apartments are around $3,000, according to the property’s website and information from Aprtments.com.
Benefit Street Partners did not respond to an inquiry prior to publication.