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A gated, lakeside townhouse project that will provide affordable housing has received a $ 19 million construction loan. Redwood National Properties, a subsidiary of BAS Holdings Investments LLC, alongside its joint venture partner Winston Capital Partners LLC, received funding from the City National Bank of Florida. Andrew Kurnit of DWNTWN Realty Advisors arranged the loan on behalf of the developers.
Brian Sidman, founder of BAS said Multi-dwelling news that Redwood and Winston acquired the site at 1719 NW. 143rd St. in Opa-locka, Fla. For $ 5 million from Sailboat Miami LLC on the same day the financing closes. The project site is also located in the existing 59 townhouse subdivision called The Mirage at Sailboat Cove which was built in 2007.
The new project will add 112 units averaging 1,516 square feet and are all four-bedroom, 2.5-bath floor plans, Kurnit said. MHN. Redwood and Winston joint venture has just started construction, Kurnit said MHN, and its first units will be ready in mid-2021 while full completion is slated for early 2022. The units will be split between 23 separate buildings that will house four or five units in a 10-acre gated property.
The homes will also be located near Miami freeways and major employers like Amazon’s Opa-locka distribution center and Miami-Opa Locka Executive Airport.
ADDRESSING THE AFFORDABLE HOUSING CRISIS IN MIAMI
In researching residents, developers plan to rent out the homes with Section 8 Housing Choice Voucher holders. Kurnit said in prepared remarks that the large enclosed, lakefront townhouse style is unique to Miami’s affordable housing situation, adding that four-bed units are among the rarer types of affordable homes.
Sidman said MHN that the South Florida market has been growing for many years and that BAS seeks to fill the affordable housing void in the area.
“Unfortunately, affordable housing projects have been an oversight for developers focused on the luxury condo and rental segments,” Sidman said MHN. “We keep our business plans tight in our waistcoat, but I will say that our plan is dedicated to affordable housing and addresses a major need in this market.”
Nearby Miami, Related is also working on a $ 106 million affordable housing project alongside Miami-Dade County. In August, the developer started construction on a redevelopment project for a building of 383 affordable housing units. East of Miami, two buildings with 250 affordable housing units senior housing community Miami Beach also received a $ 30 million construction loan that will go towards its $ 78 million redevelopment.
