Wes Powell Of Apartment Investment And Management Company Secures $228 Million Loan For Development In Miami

The asset involved in this transaction is a development site located at 560-640 Northeast 34th Street, Miami. The site will host a new 38-story luxury rental tower featuring 114 high-end units averaging over 2,500 square feet. The project also includes 7,000 square feet of retail space and premium amenities, indicating a significant investment in the Miami real estate market.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $228,000,000
• Lender: Apollo
• Landlord: Wes Powell - Apartment Investment and Management Company (Aimco)
• Preferred Equity: $56 million from Sixth Street
• Senior Construction Financing: $172 million from Apollo

The transaction involves key players including Wes Powell, who represents the landlord, as well as Apollo, the lender providing significant financing. Aimco's strategic move in securing both preferred equity and senior construction financing underlines their commitment to this substantial development project in Miami.