Apollo, RXR Lend $114M for New Miami-Dade Multifamily Asset
The 341-unit development is one of the first to be completed using Florida’s Live Local Act
By Julia Echikson February 12, 2025 6:00 pm
reprints
Cymbal DLT Companies secured $114 million in permanent financing from Apollo Global Management (APO) and RXR Realty Investments for a newly built multifamily property in west Miami-Dade County.
Completed last year, the Laguna Gardens property features 341 apartments at 20775 NW 17th Avenue, north of Hard Rock Stadium, in Miami Gardens. It includes 11 low-rise buildings that are 95 percent leased, said a representative for the developer. Monthly prices for one to three-bedroom units range between $2,184 and $3,475.
By pricing all units within the budgets of people earning 120 percent of the area’s median income in return for tax breaks, the development is one of the first completed properties to use Florida’s Live Local Act since the law was passed in 2023.
The newly issued senior and mezzanine loans paid off the development’s $102.5 million construction loan that dates to 2022 from Related Fund Management, an affiliate of New York-based Related Companies.
A representative for Miami-based Cymbal DLT has not yet responded to a request for comment on the breakdown of the financing.
Cymbal DLT, founded by Asi Cymbal, purchased the 14-acre site for $15.5 million in 2022, according property records.
Julia Echikson can be reached at jechikson@commercialobserver.com.
