3650 REIT Provides $50M Construction Loan for Miami Multifamily Property
3650 REIT Originates Three 10-Year Loans Totaling Over $130 Million
Los Angeles-based real estate investor and developer The Latigo Group (TLG) has nabbed $50 million from real estate investment trust 3650 REIT, to help fund the construction of the Center at Miami Gardens, a four-building multifamily property in Miami Gardens, Commercial Observer can first report.
The loan funds the construction of the 10-acre residential development, which is part of a broader, 17-acre mixed-use site. Construction is slated to wrap this year.
“Providing financing to relationship-driven, institutional-quality developers with deep understandings of their local markets, and of how their projects fulfill the needs of those markets, is a key focus of our business,” Jonathan Roth, a co-founder and managing partner of 3650 REIT, said in prepared remarks. “Financing [the Center at Miami Gardens] fits squarely into our investment strategy, as TLG is a best-in-class developer and the project is designed to target the acute shortage of attainable housing in South Florida.”
The development — located at 19279 NW 27th Avenue in Miami Gardens — will have 259 units spread across three residential buildings, with the fourth building being a clubhouse. It was designed by Boca Raton, Fla.-based architect, Marc Wiener A.I.A. and is located nearby a Walmart Supercenter and an ALDI grocery store as well as the Betty T. Ferguson Recreational Complex and Hard Rock Stadium, the recently renovated home of the NFL’s Miami Dolphins and the site of Super Bowl LIV on Feb. 2, 2020.
As per TLG’s website, the overall mixed-use development —which includes the Center at Miami Gardens multifamily complex — will include a 37,000-square-foot property that will be fully leased to 24 Hour Fitness on a 20-year agreement plus a nearly 1.4-acre lot held by Murphy Oil USA on a 20-year ground lease. There’s also a parcel that’s just over one acre in size that TLG is planning to use to attract “a wide variety of fast food or quick service operators,” according to its website.
The Latigo Group could not immediately be reached.