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Redwood Dev Co Secures $43.5 Million Refinance From Regions Bank For Westview South Multifamily

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FINANCED
$43,000,000

Florida

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MultiFamily187,000 SF
Financed 05/04/2025
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FINANCED

Redwood Dev Co Secures $43.5 Million Refinance From Regions Bank For Westview South Multifamily

11900 Northwest 19th Avenue

See Similar Deals
MultiFamily187,000 SF
Financed 05/04/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$229
Total Square Footage:187,000 SF
Transaction Type:Loan

The asset involved is a multifamily property located at 11900 Northwest 19th Avenue in Miami. The property consists of 110 units and has a total square footage of 187,000. A refinance transaction was executed for a total loan amount of $43,500,000 with Regions Bank.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $43,500,000
  • Units: 110
  • Square Footage: 187,000
  • Lender: Regions Bank
  • Landlord: David Burstyn & Brian Sidman - Redwood Dev Co
  • Loan Type: Refinance
  • Previous Owner: Lennar Homes
  • Agency Debt Structure: $130,000,000

David Burstyn and Brian Sidman are representatives of Redwood Dev Co, successfully closing the loan with Regions Bank Capital Markets Group. They acquired the community from Lennar Homes in 2023 prior to this refinancing effort.

Players

Regions Bank
Regions Bank
LENDER
David Burstyn
Redwood Dev Co
David Burstyn
37 deals$694.4M volume
LANDLORD
Redwood Dev Co
Redwood Dev Co
LANDLORD
Redwood Dev Co
Redwood Dev Co
LANDLORD

Details

FINANCED
IMAGE: Brian Sidman & David Burstyn DATE: 5/5/2025 ADDRESS: 11900 Northwest 19th Avenue MARKET: Miami ASSET TYPE: Multifamily ~ UNITS: 110 ~ SF: 187,000 LENDER: Regions Bank (@RegionsBank) LANDLORD: David Burstyn (@DavidBurstyn) & Brian Sidman - Redwood Dev Co LOAN AMOUNT: $43,500,000 LOAN TYPE: Refinance NOTE FROM LANDLORD: David Burstyn and Brian Sidman’s Redwood Dev Co have successfully closed on a $43,500,000 refinance at Westview South with Regions Bank Capital Markets Group. The recent closing is part of a $130,000,000 agency debt structure. Redwood purchased the community from Lennar Homes in 2023.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$43,000,000.00

Monthly NOI$286,666.67
Monthly Debt Service$271,789.25
Change in Cash Flow$0.00
Refinance Proceeds$0.00