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| Planned 112-unit townhome project on a 10-acre site at 1719 NW 143rd Street within an existing 59-unit townhome development called The Mirage at Sailboat Cove in Opa-Locka, FL |
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| Andrew Kurnit |
MIAMI,
FL – Andrew Kurnit of DWNTWN Realty
Advisors, the premier commercial real estate firm, arranged a $19 million
construction loan from City National Bank of Florida for a townhome development
in Opa-locka, Florida.
Real
estate investment firm Redwood National Properties, in a joint venture with David
Burstyn of Winston Capital Partners, LLC, plans to build 112 four-bedroom,
two-and-a-half-bathroom units on the 10-acre site located at 1719 NW 143rd St.
The
venture closed on the site acquisition concurrently with the construction financing
on August 27.
Redwood
is led by Brian A. Sidman of BAS Holdings Investments, LLC. Kurnit was
engaged by BAS to provide financial analysis and capital advisory services for
the project.
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| Brian A. Sidman |
The townhomes are expected to be highly
coveted as the community will be gated, lakefront and well-appointed, all
rarities for affordable and workforce housing.
“Miami’s affordable housing crisis is extensively
documented, and four-bedroom units are amongst the scarcest,” said Kurnit, head of DWNTWN’s capital
advisory practice.
“The project is unique for Miami as it contains enough
acreage for townhome development, is both gated and lakefront and in close
proximity to the region’s main employment and leisure drivers.”
The
project is expected to begin delivering units in mid-2021, with full completion
expected in early 2022. Each unit will feature contemporary finishes,
high-impact windows and lake views. Coastland
Construction will be the builder.
Redwood’s
site is located within an existing 59-unit townhome development called The
Mirage at Sailboat Cove, which was initially constructed in 2007.
It is near Miami’s main transportation arteries and employment drivers, including I-95 and the Amazon mega-warehouse at Opa-locka Executive Airport.
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| David Burstyn |
It is near Miami’s main transportation arteries and employment drivers, including I-95 and the Amazon mega-warehouse at Opa-locka Executive Airport.
Kurnit
spearheads DWNTWN’s capital advisory platform with a focus on securing debt
financing and joint venture equity investments. Throughout his career, Kurnit
has been involved in more than $2 billion of commercial real estate
transactions, spanning all property types throughout the United States.
For
more information on DWNTWN’s other deals,
CONTACT:
Eric
Kalis
Vice
President
BoardroomPR
O 954-370-8999
C 305-794-5123
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