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 – 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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CLEVELAND, OH – TSB Capital Advisors, the national leader in student housing and multifamily real estate advisory services, successfully arranged financing of INTRO, Cleveland, a nine-tale building with 298 market-rate apartments, nearly 40,000 square feet of retail and 340 parking spaces. Located in Cleveland s vibrant Ohio City neighborhood and across the street from the iconic West Side Market, INTRO offers residents unparalleled access to local attractions in one of the nation s most innovative new buildings.
TSB Capital Advisors arranged a three-bank senior construction financing participation for INTRO on behalf of Harbor Bay Real Estate Advisors. The senior financing was led by First National Bank of Omaha, as well as participations from First National Bank of Pennsylvania and Busey Bank. The project also features substantial support from state and local government, including a $10.8 million loan from the State of Ohio s Development Services Agency and a $2 million loan from the City of Cleveland.
Construction for INTRO is expected to take approximately 22 months, with an opening scheduled for Q1 2022.
We re ecstatic to be able to close financing in such challenging economic conditions on a project that s been years in the making, said Mark Bell, chief executive officer of Harbor Bay Real Estate Advisors. Launching our INTRO brand of timber-framed buildings here in the Ohio City neighborhood is certain to gain national attention for the City of Cleveland, especially at such a historic corner. We hope this can be a fantastic example of innovative, sustainable, transit-oriented development that developers should be striving to achieve nationally.
We are thrilled to help Harbor Bay bring such an exciting new project to the undersupplied Ohio City submarket, which also happens to be the most in-demand, said Ian S. Bradley of TSB Capital Advisors. We ve worked closely with Mark, Dan Whalen and the entire Harbor Bay team since the early stages of this project, and to get it across the end line in the most tumultuous stretch the capital markets have seen since the Fantastic Recession speaks to how critical this project is as a part of the overall vision for Ohio City. My hat goes off to everyone involved, from the Harbor Bay team, to city and state government officials, to the lenders. This closing is a tremendous team accomplishment that will be surpassed only by the finished product itself.
In addition to its prime location, INTRO features a modern design that delivers both luxury living and environmental sustainability. The building will primarily be constructed with mass timber, a renewable building material that is gaining popularity in environmentally conscious urban infill developments. Once completed, at nearly 120 feet tall, INTRO will be the tallest mass timber-framed structure in the country.
Harbor Bay Real Estate Advisors is a leading real estate development, investment and advisory firm, renowned for its creative thinking and collaborative, community-driven approach. Since 2013, Harbor Bay has successfully developed more than $500 million in multifamily, hotel and mixed-use projects across the Midwest. As a multi-generational family real estate business, Harbor Bay approaches deals with high energy and sound discipline, and strives to deliver differentiated, well-positioned, well-managed real estate.

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