MIAMI, FL - Redwood National Properties, an affiliate of BAS Holdings Investments, LLC (“BAS”), and Winston Capital have secured $46.6 million in financing from City National Bank of Florida and Pensam Capital for The Mirage at Sailboat Cove, a workforce housing development in Opa Locka located at 14301 NW 17 Path.
“We want to thank our development team and our lender partners for bringing this all together. We are excited for many more communities in the works,” said David Burstyn, Developer and CEO of Winston Capital Management, LLC.
The five-year bridge loan facility was used to pay off the $18M construction loan and develop 132 of the 171 units at the existing Mirage at Sailboat Cove, a 13-acre gated community. Each townhouse is two stories and spans about 1,550 square feet with four bedrooms, and two-and-a-half bathrooms.
The property runs alongside Mitchell Lake in northern Miami-Dade and is strategically located within 1.5 miles of I-95 N and other major transportation arteries, providing residents proximity to nearby North Miami and Miami Gardens and employment drivers across South Florida.
“City National Bank of Florida is proud to have been involved since inception with Brian and David in the development of the Sailboat project. We are pleased to continue that commitment to the Sailboat project which has set a new standard of quality living for family-oriented workforce housing in the greater Miami community,” said Gary Fitzgerald, Executive Vice President of Real Estate Banking for City National Bank of Florida.
The project’s setting of Opa Locka/North Miami is enjoying a significant influx of new residents, as Miami urban core population expands, making available housing scarce for working class individuals and families. The Sailboat property will become one of the most sought-after workforce housing communities in the area filling a gap of competitive options geared at renters earning up to 120% of Average Median Income (“AMI”).
“Sailboat is one of the most exciting loans we have been involved with in Miami,” said Ray Cleeman, Principal and Head of Capital Markets and Lending at Pensam Capital. “David and Brian were prescient in building these beautiful four-bedroom townhomes that address the needs for large living quarters at accessible rates.”
“There is a clear need for more workforce housing in South Florida. Our team successfully delivered quality new construction product to a community that has been underserved due to majority of developers flocking to the luxury market. Mirage at Sailboat Cove is especially important as it shows the capability of our team to deliver product ahead of schedule during a period when most developers fell behind during the challenge of the pandemic and supply chain issues. We are focused on building thousands of additional workforce housing units in the coming years to provide supply in a much-needed gap of the affordable marketplace,” said Brian A. Sidman, Founder of BAS Holdings Investments.
About Redwood National Properties, LLC: Redwood National Properties is a wholly owned subsidiary of BAS Holdings Investments, LLC (“BAS”). BAS is an entrepreneurial real estate private equity firm headquartered in Miami, FL. BAS Holdings and its affiliated companies specialize in real estate transactions through the following platform verticals: workforce housing developments, solar finance, solar developments, mining investments, large tract land acquisitions and parking garage investments. Brian A. Sidman is also a Co-founder and Principal of METIS Innovative, a venture capital firm focused on investments in early-stage Neuroscience medical device and technology companies.
About Winston Capital Partners: Winston Capital Partners is a lending and real estate investment team with multigenerational experience. Winston Capital has ramped up its focus toward the multifamily space in the South Florida market to address the robust demand for the workforce.