FOR IMMEDIATE RELEASE
Andrew Kurnit of DWNTWN Realty Advisors Secures $19 Million Construction Loan for Townhome Development in Opa-locka
The 10-acre, pad-ready site provides rare opportunity for affordable housing development
MIAMI, FL (Sept. 1, 2020) – Andrew Kurnit of DWNTWN Realty Advisors, the premier commercial real estate firm, arranged a $19 million construction loan from City National Bank of Florida for a townhome development in Opa-locka, Florida. Real estate investment firm Redwood National Properties, in a joint venture with David Burstyn of Winston Capital Partners, LLC, plans to build 112 four-bedroom, two-and-a-half-bathroom units on the 10-acre site located at 1719 NW 143rd St.
The venture closed on the site acquisition concurrently with the construction financing on August 27th.
Redwood is led by Brian A. Sidman of BAS Holdings Investments, LLC. Kurnit was engaged by BAS to provide financial analysis and capital advisory services for the project.
The development will consist of 23 separate four and five-unit buildings and the developers intend to target Section 8 Housing Choice Voucher Holders in its leasing strategy. The townhomes are expected to be highly coveted as the community will be gated, lakefront and well-appointed, all rarities for affordable and workforce housing.
“Miami’s affordable housing crisis is extensively documented, and four-bedroom units are amongst the scarcest,” said Kurnit, head of DWNTWN’s capital advisory practice. “The project is unique for Miami as it contains enough acreage for townhome development, is both gated and lakefront and in close proximity to the region’s main employment and leisure drivers.”
The project is expected to begin delivering units in mid-2021, with full completion expected in early 2022. Each unit will feature contemporary finishes, high-impact windows and lake views. Coastland Construction will be the builder.
Redwood’s site is located within an existing 59-unit townhome development called The Mirage at Sailboat Cove, which was initially constructed in 2007. It is near Miami’s main transportation arteries and employment drivers, including I-95 and the Amazon mega-warehouse at Opa-locka Executive Airport.
Kurnit spearheads DWNTWN’s capital advisory platform with a focus on securing debt financing and joint venture equity investments. Throughout his career, Kurnit has been involved in more than $2 billion of commercial real estate transactions, spanning all property types throughout the United States.
For more information on DWNTWN’s other deals, visit https://dwntwnrealtyadvisors.com/.
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About DWNTWN Realty Advisors
Founded by seasoned real estate professionals Devlin Marinoff and Tony Arellano, DWNTWN Realty Advisors is a leading commercial real estate brokerage based in Miami. The firm’s brokers have an unparalleled depth of knowledge about the urban core neighborhoods and other markets they serve. DWNTWN operates with a unique territory-based approach, as each broker brings a specific product and market specialty to the firm. With 50-plus years of combined experience and more than 500 completed deals totaling more than $2 billion in transactional volume, DWNTWN brings institutional quality advisory services to middle-market clients. The firm focuses on transactions ranging from $3 million to $20 million, with a data-driven approach to generating optimal solutions for clients. For more information, visit www.dwntwnrealtyadvisors.com.
