Graham Companies Land $70M Financing for 502 Miami Lakes Apartments
By Jeff Ostrowski July 21, 2023 7:00 am
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The Graham Companies has secured a $70 million mortgage on two apartment properties in Miami Lakes, commercial real estate services firm Northmarq announced Thursday.
The 10-year mortgage is collateralized by Fountain House at 6915 Main Street and Crescent House at 6460 Main Street. The two properties have a combined total of 502 units.
Empower Annuity Life Insurance Company is the lender. The loan was arranged by Jeff Robertson, senior vice president and managing director of Northmarq’s Fort Lauderdale debt and equity office.
Rents at Fountain House Apartments range from $2,130 to $2,985 a month, according to Apartments.com. The 177-unit complex was built in 1997.
At Crescent House Apartments, monthly rents are $2,445 to $3,435. The 325-unit project was completed in 2000.
Graham Companies is the largest landowner in Miami Lakes, where it developed a 3,000-acre master-planned community.
Residential rents and multifamily property values in South Florida have been rising since the pandemic, driven by a combination of strong population growth, a robust labor market and limited housing supply.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
