NGKF Capital Markets arranged $33.45 million in financing for two AION Partners multifamily properties: Serrano, a 192-unit garden-style apartment community located in West Palm Beach, Fla., and Park Plaza, a 234-unit apartment complex located in Miami Gardens, Fla.
The loans allowed for the repayment of the existing debt, as well as provide funds to allow the borrower to continue to make improvements to the properties and realize future value. The loans are floating rate with interest only periods.
Serrano offers a mix of one-, two- and three-bedroom floor plans while over 85% are large two-bedroom units, which is unique to the competitive set and the overall submarket. All units offer full size washer/dryers, balconies/private patios, walk-in closets, and are situated in a park-like setting featuring extremely low density (approximately 8 units/acre). Also available to residents is covered parking, a resort-style pool, a recently upgraded fitness facility, and an onsite leasing office with business center.
Park Plaza offers a mix of efficient one-, two- and three-bedroom floor plans. Each unit is furnished with unique architectural designs and offers fully equipped kitchens, ceramic tile entries and walk-in closets. Property amenities include a fitness facility, onsite laundry facility, onsite leasing office and clubroom with a full kitchen. The property is situated in a densely populated area in the northern part of Miami-Dade County and is strategically located within ½ mile of the Golden Glades Interchange, a nexus of five highways and major roads (U.S. Route 441, Florida’s Turnpike, the Palmetto Expressway, SR 9 and I-95). The location provides tenants with virtually unmatched vehicular access to any part of Southeast Florida.
“AION acquired Serrano and Park Plaza in 2010 and, since taking control of the assets, it has strategically reinvested capital to not only renovate and improve the units, but also upgrade many of the common area amenities, thus enhancing the overall tenant living experience,” said Maury Zanoff, a vice chairman with NGKF Capital Markets. “As a result, AION has increased and maintained occupancy levels at 95%+ during its period of ownership.
“AION’s experience and success in the market combined with its institutional quality management and maintenance of both properties were compelling factors for lenders, which ultimately led to offers with the most flexible terms and rate in this competitively bid process.”
The Washington, D.C.-based team of Mr. Zanoff, Joe Donato, Matt Williams and Jamie Leachman arranged the financing.