White Oak Development Secures $67 Million Loan From Kayne Anderson For Davie Apartment Project

The property asset involved in this transaction is a 4.1-acre development site located at 4181 & 4233 Davie Road in the Davie market. White Oak Development purchased the site for $11.4 million and subsequently secured a $67 million construction loan from Kayne Anderson Real Estate for the development of a 286-unit apartment project. This project aims to address the ongoing supply challenges in South Florida's multifamily housing market.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $67,000,000
• Loan Type: Construction
• Address: 4181 & 4233 Davie Road
• Market: Davie
• Asset Size: 4.1 acres
• Lender: Albert Rabil - Kayne Anderson Real Estate
• Landlord: Andrew Burnham - White Oak Development
• Co-Landlord: Michael Arougheti - Ares Management

The key individuals involved in this transaction include Albert Rabil, representing Kayne Anderson Real Estate as the lender, and Andrew Burnham along with Michael Arougheti, representing White Oak Development and Ares Management, respectively. Their collaboration is aimed at the development of workforce housing in response to the demand within the market.