Valley National Bank Provides $30M Value-Add Refi for Park Towers in Miami

Moshe Popack’s YMP Real Estate Management has secured $30 million to refinance Park Towers, a 210-unit multifamily complex in Miami, Commercial Observer can first report. 

Valley National Bank provided the loan, structured at a fixed-rate of 6.09 percent, while Meridian Capital Group’s David Hayum and Michael Farkovits arranged the transaction.

Meridian’s Hyum noted in a statement that Popack, a third-generation real estate investor, and the YMP management team have owned and operated Park Towers for more than a decade and have engaged in a concentrated value-add strategy, investing capital improvements into the property for several years. 

“Valley National Bank recognized that track record, stayed engaged throughout the process, and delivered a financing solution that met the borrower’s objectives,” added Hyum. 

Park Towers is located at 777 North West 155th Lane in the Biscayne Gardens section of Miami, near both University of Miami and Florida International University. The 224,519-square-foot apartment building opened in 1973. 

The 10-story building is a mix of studios, one-bedrooms and two-bedrooms and has undergone capital improvements since YMP purchased the asset in 2012. 

YMP Management has emerged as a player in the Sun Belt in recent years and now owns more than 4,000 multifamily units across Florida, Georgia and North Carolina. 

Brian Pascus can be reached at bpascus@commercialobserver.com.