3650 REIT (“3650”), a balance-sheet lender focused on creating long-term relationships by originating, servicing and asset managing long- and short-term fixed-rate commercial real estate loans through maturity, has originated an approximately $50 million construction loan to sponsor The Latigo Group LLC (“TLG”) for the development of the Center at Miami Gardens, a 259-unit, four-building multifamily property to be located at 19279 NW 27th Ave in Miami Gardens.
The Center at Miami Gardens will feature three residential buildings as well as a clubhouse, and will be situated on approximately 10 acres of land along with parks, ponds and other quality-of-life amenities for a variety of residents. It will accommodate a Miami Gardens housing market where affordable rental options have become scarce, and will sit within the area’s burgeoning retail and entertainment corridor with close proximity to I-95, providing easy access to Downtown Miami and other regional employment centers. TLG selected 3650 due to its relationship-driven approach as well as its local expertise and flexible, single-source financing solution.
“3650’s flexible financing solutions and focus on relationship lending made 3650 the right lender for our company and the Center at Miami Gardens,” said Mark Maron, Managing Partner of TLG. “We look forward to providing continued value for residents in the area and to continuing our relationship with 3650.”
“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,” said Jonathan Roth, Co-Founder and Managing Partner of 3650 REIT. “Financing TLG and the development of 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.”
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