Sailboat TH Development, LLC Acquires 112 Pad Ready Lots and Closes on Approximately $19M Construction Loan for a $26M Project Geared Toward Affordable Housing
MIAMI–(BUSINESS WIRE)–Redwood National Properties, LLC, a real estate investment firm based out of Miami, Florida, led by Brian A. Sidman of BAS Holdings Investments, LLC, in a joint venture with David Burstyn of Winston Capital Partners, LLC, today announced that Sailboat TH Development, LLC (the “Company”) has acquired a 10 acre pad-ready site in Opa-Locka, Florida, (the “Property”) in an all-cash transaction. The Company plans to construct 112 4-bedroom/2.5 bathroom townhomes. The Property is located within an existing 59-unit townhome development called The Mirage at Sailboat Cove which was initially constructed in 2007.
The Property runs alongside Mitchell Lake and is strategically located in close proximity to Miami’s main transportation arteries and employment drivers. The Opa-Locka/North Miami Market is enjoying a significant influx of new residents and gentrification and as the urban core of Miami’s population grows, available housing is scarce for working class individuals, millennials, and young couples. The Property is located in an up and coming residential complex where residents can enjoy the tranquility of lakefront living and the security of a gated community. Upon completion of the development, the Property will become one of the most sought-after affordable housing communities in the area.
“The acquisition of the 10 acre pad-ready site was a rare opportunity to develop 112 units in a market that has high demand for affordable housing within a job growth oriented hub near the Amazon Mega Warehouse facility and minutes from major transportation corridors,” said Brian A. Sidman. “Our firm is actively seeking additional land opportunities in markets that have similar demographics and an abundant need for affordable housing.”
Andrew Kurnit, of DWNTWN Realty Advisors, assisted the Company to secure an approximate $19,000,000 construction loan from City National Bank of Florida.
Jeremy Ben-David, a partner at AXS Law Group, PLLC, represented the Company in its acquisition of the Property and the simultaneous closing of the construction loan from City National Bank of Florida.
About Redwood National Properties, LLC
Redwood National Properties is a wholly owned subsidiary of BAS Holdings Investments, LLC (“BAS”). BAS focuses on niche real estate transactions through the following multi-vertical platforms: parking investments, solar developments, qualified opportunity funds, and affordable housing developments. BAS Holdings brings years of experience as a principal and executive in the acquisition of real property, construction and real estate structures such as REITs, partnerships, Tenants In Common (TICs) and Delaware Statutory Trust (DST) offerings.
- ^ BUSINESS WIRE (www.businesswire.com)
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