Developers land $19M construction loan for Opa-locka affordable housing

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September 7, 2020
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As reported in The Real Deal.

A joint venture closed on a $19 million construction loan for a $26 million Opa-locka development geared toward affordable housing.

Redwood National Properties, a subsidiary of BAS Holdings Investments, in a joint venture with Winston Capital Partners, paid $5 million for a 10-acre site at 1719 Northwest 143rd Street within the existing Mirage at Sailboat Cove, according to a release.

The developers plan to build 112 four-bedroom, two-and-a-half bath townhouses in 23 buildings. Mirage at Sailboat Cove, built in 2007 along Mitchell Lake, has 59 units.

Coastland Construction is the builder on the project. The joint venture plans to begin delivering units in mid-2021 and finish the development in early 2022, according to the release.

Miami-based BAS Holdings, led by Brian A. Sidman, focuses on parking investments, land deals and workforce housing developments. Sidman is also co-founder and principal at Metis Innovative, a venture capital firm focused on investments in early stage neuroscience medical device and technology companies, according to BAS’ website. He also worked with Michael Packan on Keystone National Properties to cater to 1031 investors.

Winston Capital is led by David Burstyn.

Andrew Kurnit of DWNTWN Realty Advisors helped secure the construction loan from City National Bank of Florida. AXS Law Group partner and BAS general counsel Jeremy Ben-David represented the joint venture in closing the loan, according to the release.

Cushman & Wakefield recently reported that a record 28,000 multifamily units are under construction in South Florida.

Other multifamily properties under development in South Florida include a 420-unit cluster of low-rise apartment buildings along a canal in Hollywood by the Related Group, a senior housing development in Allapattah by the Richman Group and a mixed-use downtown Hollywood development featuring 216 apartments by Housing Trust Group.