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Valley National Bank backs $30M refi for Miami’s Park Towers

The loan is fixed at 6.09% and supports a value-add strategy at the 210-unit, 1973-built property.

Reported · Written up by our desk · Mortgages

YMP Real Estate Management has secured a $30 million refinance for Park Towers, a 210-unit multifamily complex in Miami’s Biscayne Gardens area, Commercial Observer reported.

Valley National Bank provided the financing, structured as a fixed-rate loan at 6.09%. Meridian Capital Group arranged the transaction, with David Hayum and Michael Farkovits listed as deal participants.

Commercial Observer said the refinancing ties to a value-add approach pursued by the owners, including capital improvements over several years since YMP purchased the asset in 2012.

Park Towers is located at 777 North West 155th Lane, and the 10-story building totals 224,519 square feet, with unit types ranging from studios to one- and two-bedrooms, the outlet added.

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