MIAMI, FL – Hunt Real Estate Capital announced that it has provided a $71.3 million Freddie Mac conventional loan via the pre-stabilization program to refinance a multifamily property located in North Miami Beach, Florida.
Lazul Apartments is a 356-unit, Class-A, fully-amenitized, mid-rise apartment community situated on 2.57-acres of land. The property is comprised of an eight-tale building with an attached eight-level parking garage.
The borrower is North MB Owner, LLC, a Delaware limited liability company, and the deal is in partnership with EDEN Multifamily, Hunt Companies, Inc., and Florida Value Partners. The loan has an 11-year term that will amortize over 30 years with an attractive interest-only term.
“The borrower developed the property in 2018 and rental units came online in October of the same year,” noted Marc Suarez, Director at Hunt Real Estate Capital. “Since coming online, the property has an average of 22 new occupancies per month and is currently 89% occupied. In addition, the borrower was able to modify zoning on retail to residential, which will provide seven work-live lofts.”
The property is located near the intersection of Biscayne Blvd and NE 163rd Street, a main thoroughfare in the region. The local area is lined with numerous commercial and retail facilities, and Lazul Apartments is located within two miles of Aventura Mall, the largest mall in Florida. The subject is situated approximately two miles west of Sunny Isles Beachand is attractively located between Miami and Ft. Lauderdale.
“This transaction is a fantastic example of our local presence and relationships, as we were able to help a group of well-seasoned real estate developers by facilitating the entire capital stack, from construction to this fixed-rate permanent financing,” Suarez added. “This refinancing is a right testament to Freddie Mac’s mission and commitment to provide liquidity in challenging times. Our team at HREC worked tirelessly to provide an brilliant execution while all working remotely.”

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LOS ANGELES, CA – The ongoing transformation of Jordan Downs, one of the largest and most outdated public housing communities in the country, reached a new and significant milestone on April 23, when the U.S. Department of Housing and Urban Development awarded the Housing Authority of the City of Los Angeles (HACLA) a $35 million Choice Neighborhood Initiative (CNI) grant for the revitalization of the Watts community in Los Angeles.
The news comes just six weeks after HACLA’s private sector partner, The Michaels Organization, announced it had achieved a financial closing on the third phase of new housing in the comprehensive development plot for Jordan Downs’ revitalization.
“Watts residents have for years been dreaming of, and advocating for, this community transformation and now that transformation is becoming a reality,” said Kecia Boulware, Michaels Vice President of Development. “Michaels and our partners are grateful to HUD for supporting our vision for high-quality affordable housing with this CNI award and for including $5 million for much-needed supportive services for the families of Jordan Downs.”
Michaels, along with non-profit BRIDGE Housing, were selected by HACLA as the master developers for the Jordan Downs revitalization in 2015. Since then, two residential developments, the extension of Century Boulevard, and the opening of new neighborhood retail has been completed, and Michaels has begun site work on the third phase of new housing.
The CNI grant ensures progress will continue for both Jordan Downs and the wider Watts community by enabling HACLA to leverage significant additional public and private dollars to support the locally driven strategies driving the comprehensive approach to the Watts neighborhood transformation.
When fully complete, Jordan Downs will offer some 1,400 new affordable homes to existing and new residents, in a vibrant mixed-use, mixed-income urban village, with significant green space and community amenities.
The $35 million CNI grant includes $5 million that will be directed specifically for social services for Jordan Downs residents. The non-profit organization Better Tomorrows, which serves as Michaels’ lead services partner, will deliver programming to the residents of Jordan Downs that focus on healthy lifestyles, strong communities, educational success, and financial stability.
“We look forward to being part of the community resources that will help magnify opportunities to enhance education, health and wellness and financial stability for the residents of Jordan Downs,” said Howard Tucker, president and CEO of Better Tomorrows.

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LOS ANGELES, CA – Cumulus District is Carmel Partners’ latest innovative lifestyle, multiple-use destination, a vibrant place located in the rapidly transforming neighborhood at the corridor between Culver City and West Adams. The 11-acre development is situated just steps from the Expo Line light rail stop at the intersection of Jefferson and La Cienega boulevards, offering convenient connection to the beach and downtown.
Cumulus District is truly a perfect place to call home, an urban mecca suited to every mood. Its 31-tale high-rise tower includes 300 state-of-the-art apartments with spectacular city and ocean views that range from studios to penthouse residences. The tower is complimented by a seven-tale mid-rise building adding 910 additional apartments (1,210 units in all). Cumulus is poised to become the epicenter of a creative micro-neighborhood, setting the new standard of urban living and community connectivity.
With Amazon, Apple and Sony studios just blocks away, and Playa Vista’s Silicon Beach corporate campuses (Google, IMAX, YouTube, etc.) a quick commute, the Cumulus District incorporates everything that today’s trendsetters and thought leaders look for in a modern environment.
From the convivial Zocalo, a one-acre central park that connects the two residential buildings, to numerous clubhouses, co-working spaces, spas and outdoor pools, a sky deck and 24-hour fitness center, Cumulus District is a place that residents will find hard to leave. Add in entertainment and media rooms, a pet run and grooming areas and – of course – private underground parking for residents, along with a massive flagship Whole Foods grocery store, and 50,000 square-feet of retail space designed to attract plenty of restaurants, bars, boutiques, fitness studios and everyday conveniences, staying home takes on a whole new meaning at Cumulus.
In a nod to the destination’s historic location – the former Cumulus Media broadcast site – the district will even boast a recording studio on property for residents and local partners, to keep the legacy of entertainment and media thriving in the neighborhood.
“From the start of this project, our goal was to build an urban locale rooted in community and the rich history of the neighborhood, yet designed with today’s modernity and conscious living in mind,” said Carmel Partners. “The launch of the Cumulus District comes at an exciting time as Culver City and West Adams go through a renaissance with the dramatic influx of some of the world’s fastest growing tech, media and entertainment companies. That’s why we believe that Cumulus brings more than just a place of residence to this perfectly situated neighborhood; it is poised to be a vibrant center for creativity, collaboration and innovation.”
Ideally positioned alongside the Expo Line Metro light-rail station and just two stops from the highly anticipated Crenshaw/LAX line opening in 2020, Cumulus District is designed for the environmentally conscious citizen. This transit-oriented development redefines the perception of L.A. living through an accessible environment that inspires pedestrian activity, biking and eco-friendly commuting opportunities.
Cumulus is located at 3333 S La Cienega and Jefferson boulevards in L.A. Leasing of the high-rise tower residences is anticipated to start June 2020 with go-ins expected in Fall 2020.

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