MIAMI, FL - Pensam, one of the nation’s most active real estate multifamily lenders and investors, announced today that it has provided capital to refinance Sanctuary at Doral, a nearly completed, 226-unit apartment community with 27,000 square feet of retail space located in Miami, Fla. The existing construction financing at the property was refinanced with an $84 million floating-rate loan for a three-year term with an extension option. Construction at the property is in its final stages, and lease-up efforts are underway.
“This unique, institutional-quality, mixed-use asset is located in the heart of Doral, one of Miami’s fastest growing areas,” said Ray Cleeman, Principal and Head of Capital Markets at Pensam. “We are excited to participate in this financing for a locally based, highly experienced sponsor. This transaction is another example of Pensam’s successful lending program, which provides financing to replace construction loans and allows sponsors the flexibility to complete their projects and lease up their communities without the time pressures and constraints associated with a typical construction loan.”
Sanctuary is centrally located at 9400 NW 41st Street in Doral, on the main corridor through Doral, adjacent to a vast array of restaurants, shops and entertainment/arts venues. Residents have access to a robust amenities package on site including a resort-style pool, child play park, and pet area with spa, as well as significant safety features such as biometric locks and smart key entry. The property will also feature the Shoma Food Bazaar, a diverse food court serving all-day dining needs.
Pensam provides capital to borrowers seeking support to implement their property business plans, including lease-ups, recapitalizations, value-add strategies, transitional repositioning and stabilizing asset operations. Loans are tailored to address each client's needs, while facilitating timely closings.