Newmark Lends $65M on South Florida Apartments

A joint venture between CSL Partners and Presidium Real Estate has secured $65 million of acquisition financing for its purchase of a 260-unit multifamily asset in Miami-Dade County slated for conversion into workforce housing, Commercial Observer has learned.

Newmark (NMRK)’s agency lending arm provided the Freddie Mac-backed loan on the Pura Vida Hialeah property in Hialeah, Fla., sources told CO. 

CSL Partners and Presidium acquired the apartment complex for $95 million from Coral Rock Development Group. The purchase was first reported by The Real Deal. 

The developers purchased the 2022-completed market rate multifamily property under plans to alert it to affordable housing under a tax exemption from Florida’s new Live Local Act law. 

Newmark arranged the debt  with a team led by Nick Scribani, Peter Griesinger and Max Hayum with oversight from Jordan Roeschlaub.

RelatedISG Commercial’s Andres Grossman brokered the sales transaction. 

Located at 3051 West 16th Avenue, the Pura Vida Hialeah property consists of three eight-story apartment buildings and roughly 11,000 square feet of ground floor retail that includes commercial tenants InnovaCare Health, Dollar Tree and WaWa. Community amenities include pool, fitness center, barbeque area and dog park.

The property was 95 percent leased at the time of purchase, according to sources. 

“As Miami’s second-largest city, with some of the lowest vacancy rates historically, we recognized a significant gap in housing options that meet the needs of millennials, who have often been forced to look elsewhere for suitable rental opportunities,” Brandon Chemtov, co-founder of CSL Partners, said in a statement. 

Officials at Newmark and Presidium did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com