Hunt Real Estate Capital has provided a Freddie Mac Lease-Up Loan in the amount of $67.6 million to refinance Artsquare at Hallandale, a multifamily property in Hallandale Beach, Florida.
The 358-unit, Class A community, located at 401 North Federal Highway, is comprised of six residential buildings located on one contiguous 2.7-acre parcel. Three of the buildings are walkups; the other three are mid-rises. In addition, the property features six commercial/retail spaces with a combined 13,500 square feet.
The borrower is Hallandale Land Ventures LLLP, a Florida Single Asset Borrowing Entity and subsidiary of Integra Investments. The Freddie Mac loan has an 11-year term with four years of interest only, followed by a 30-year amortization schedule.
“The borrower developed this Class-A multifamily apartment complex in 2018,” commented Marc Suarez, director at Hunt Real Estate Capital. “The property has experienced significant demand with units being rented out as the individual buildings were completed.”
Complex amenities include a resort-style swimming pool, a state-of-the-art fitness center, yoga/spin studio, outdoor lounge, dog wash station, club room, social lounge, conference room, kids’ room, and a private theater. Artsquare at Hallandale also offers 328 covered parking spaces and 210 surface parking spaces. Two of the property’s six commercial/retail spaces are leased to Thousand Hills Coffee and OrangeTheory.
