Ladder Capital Provides $67M Loan for South Florida Multifamily Portfolio
A joint venture of Mavik Capital Management, Corinthian Capital and Triangle Capital Group have secured a $67 million loan for the acquisition of the Maxx Properties Portfolio, a three-asset multifamily portfolio located across South Florida, Commercial Observer has learned. The loan was provided by Ladder Capital.
Newmark‘s Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, Daniel Matz, Eden Abraham and Holden Witkoff arranged the financing. Avery Klann and Tal Frydman of Newmark’s Florida multifamily capital markets team, led the sale of the property along with Hampton Beebe, and also assisted with the financing.
The Maxx Properties Portfolio, previously owned by MAXX Properties, consists of 371 multifamily units spread across three properties located in Davie, North Miami and Coral Springs. They have alles have easy access to Interstate-95, the Sawgrass Expressway and the Florida Turnpike.
The sponsor’s business plan envisions an entire rebranding of the portfolio, including exterior and partial interior renovations and bringing in new property management and leasing teams.
“The interest from the lending community for the Maxx Properties Portfolio was extraordinary and speaks to the demand for multifamily in South Florida, fueled by the wave of newly minted residents,” Stolly commented in prepared remarks.
“The sponsorship did a superb identifying the Maxx Properties Portfolio and now have the financing in place to reap the rewards from the influx of new South Florida residents,” Roeschlaub added.
Corinthian Capital and Ladder Capital did not immediately respond to requests for comment. Triangle Capital Group declined to comment.
Emily Fu can be reached at firstname.lastname@example.org.