Real estate investment firm Pensam recently provided $8.1 million in mezzanine financing as part of a $46.6 million loan for the refinancing of Mirage at Sailboat Cove. Located in Opa-Locka, Miami, Sailboat is a gated community offering two story, four-bedroom, two-and-a-half bath townhomes that feature over 1,500 SF of living space, with many units having backyards that open up to Mitchell Lake.
Of the development’s 171 units, 112 are newly constructed and 59 were developed by a previous owner. The project is 100% leased, with each new unit featuring kitchens with granite countertops, modern cabinetry and brush nickel finishes. Other amenities include built-in washers and dryers and fenced backyards.
“Sailboat addresses the need for high quality resident-oriented living at affordable prices, a sector that has been underserved in Miami,” said Ray Cleeman, principal and head of capital markets, Pensam. “The recent surge of new residents in Miami has driven demand for apartments and led to escalating rents. Sailboat’s developers identified the affordability issue in Miami and created Sailboat to provide an inviting community living experience for residents at reasonable rental rates.”
