Michael Swerdlow And Oliver Gross Secure $63 Million Loan For Serenity Gardens In Miami Gardens
18330 Northwest 12th Avenue
$63,000,000
Building Size
—
Asset Type
Development Site
Closing
Aug 7, 2026
AI
This development site spans 7.3 acres and is located at 18330 Northwest 12th Avenue in Miami Gardens, Florida. It is part of a project named Serenity Gardens, which will feature 153 units of affordable seniors housing. The total amount of financing secured for this construction project is $63 million.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $63,000,000
- Address: 18330 Northwest 12th Avenue
- Market: Miami Gardens, FL
- Lender: J.P. Morgan Chase & Santander Group (through Red Stone Equity Partners)
- Landlord: Michael Swerdlow - SG Holdings; Oliver Gross - New Urban Development
- Loan Type: Construction
Michael Swerdlow represents SG Holdings while Oliver Gross represents New Urban Development in this transaction. The financing will leverage low-income housing tax credit equity, and the project's completion is expected by late 2028.
Players
Chaptico Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93