Valencia at Doral
KeyBank Real Estate Capital (KBREC) provided a 24-month, $50 million bridge loan for Axonic Properties, LLC, a New York-based real estate investment company that owns, operates and manages residential properties, to acquire a multifamily housing property in Doral, Fla.
Built in 1992, Valencia at Doral is a 310-unit, garden-style community consisting of two- and three-bedroom units in townhome style layouts. Amenities include a clubhouse, pool, jacuzzi, tennis court and exercise room. Interior units feature new finishes with kitchenettes equipped with granite countertops and stainless steel appliances. Axonic is planning to renovate the property, including new roofs and amenity upgrades. The property is located right off NW 41st Street, which connects to the Palmetto Expressway and provides quick and easy access to downtown Miami and Fort Lauderdale.
The loan was structured as a variable floating rate loan that provides financing for the acquisition and a future funding component for the renovations. The loan, which was funded using KeyBank’s own balance sheet capital, offers complete prepayment flexibility and interest only throughout the term of the loan. KeyBank may seek to syndicate part of the loan at a later stage.