Redwood Refis Workforce Townhomes in Opa-locka With $45M
By Chava Gourarie April 28, 2023 4:45 pm
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Redwood Dev Co has secured $45.2 million from Regions Bank to refinance its debt on Mirage at Sailboat Cove, a newly developed rental community in Opa-locka, Fla.
Redwood developed the second phase of the 13-acre lakefront complex at 14301 NW 17 Path, which includes 112 two-story townhomes and was completed in 2021. It also owns 26 additional units in the workforce complex, which comprises homes with at least three bedrooms, a feature designed to attract families, according to Redwood partner Brian Sidman.
“We only develop units that are three, four or five units that allow for a family community,” Sidman told Commercial Observer. “We have larger bedroom counts so we attract workforce families.”
The Regions Bank financing is a fixed-rate, 10-year loan that will replace a $38 million bridge loan procured by Redwood in February 2022 from City Bank of Florida, which had replaced an $18 million construction loan, Sidman confirmed.
Redwood is a joint venture between BAS Holdings Investment, managed by Sidman, and Winston Capital Partners, led by David Burstyn. The joint venture came into the Mirage project more than a decade after it was started.
The first phase of 59 units was built prior to the Great Recession, but the developers at the time ran into financial difficulties and the project was paused. In 2020, Sidman sold 10 acres of the Mirage site to Redwood for $5 million to make way for the second phase. While rental rates at Mirage are not restricted, the developers accept rent-subsidized vouchers.
Redwood has another workforce project underway in Opa-locka: a 98-unit multifamily building called Mosaic Apartments. Redwood secured $24 million in financing from Valley Bank for the construction and broke ground in February, the Washington Business Journal reported.
Chava Gourarie can be reached at cgourarie@commercialobserver.com.
