The property’s benefit from being in a location with beautiful weather, fantastic beaches, and their proximity to Downtown Miami. The neighborhood is bordered by Larry and Penny Thompson Park (Home of Zoo Miami) and by Southland Mall.
FM Capital was able to secure permanent financing through Fannie Mae by leveraging its strong relationship. The 30-year term, 30-year amortization is extremely rare outside of HUD. This long term loan gives the sponsors ideal flexibility in leverage for planned improvements to the property and additional future investments. Cutler Gardens, built in 1974, boasts 352,000 livable square footage consisting of studios, 1, and 2 bedrooms with an average rent of $1,087 per unit. Paradise Isles, built in 1973, enjoys a total livable square footage of 196,206 with an average asking rent of $1,138 per unit. Joe Back, a vice president of originations at FM Capital, arranged the origination.