Redwood Dev Co scored a $126.3 million refinancing for a 350-unit multifamily portfolio in north Miami-Dade County.
The deal comes as lending continues to flow in South Florida, despite elevated interest rates, skyrocketing insurance and the threat of higher construction costs due to the Trump administration’s tariffs.
Regions Bank provided the refinancing in three loans for three Redwood properties in and near Opa-locka, according to Redwood representatives and the firm’s news release. The loans have a 10-year term and a blended interest rate of less than 5.5 percent, Redwood co-founder David Burstyn said.
The refinancing is for the Mirage at Sailboat Cove rental townhouse complex at 14301 Northwest 17 Path in Opa-locka; the Westview South and Westview East rental townhouse complexes at 2601 Northwest 119th Street and 11900 Northwest 19th Avenue, respectively, near Opa-locka; and the Mosaic Apartments building at 13800 Northwest 22nd Avenue in Opa-locka, according to Redwood.
Mirage at Sailboat Cove, completed in 2021 around Mitchell Lake, consists of 171 two-story townhouses with three or four bedrooms, according to records. Redwood developed 112 townhouses and has been purchasing some of the remaining 59 townhouses completed by other developers. Records show a Redwood affiliate owns about 142 of the townhouses.
Westview South consists of 75 townhouses that Redwood bought from homebuilder Lennar in 2023 for $30 million. It consists of three-bedroom to five-bedroom homes, Burstyn said. Westview East has 35 two-story, four-bedroom townhouses.
Redwood completed the five-story, 98-unit Mosaic last year, records show. It consists of three-bedroom and four-bedroom apartments.
None of the properties are officially designated workforce or affordable housing, but Redwood accepts rent vouchers at the three properties, according to past interviews and press releases from the company. Mosaic also targets employees considered in workforce fields such as teachers, post office workers, nurses and firefighters. Townhouses at Westview South are restricted to households earning up to 120 percent of the area median income.
Redwood –– led by Burstyn and co-founder Brian Sidman –– has a pipeline of more than 5,000 multifamily units in Miami-Dade.
The firm just paid $80 million for 223 newly built townhouses in two complexes in south Miami-Dade. Lennar completed and sold the 49-unit Lime Grove between Southwest 336th Street and Southwest 340th Street in an unincorporated area of the county, as well as the 174-unit Mariner’s Cove at 75 West Palm Drive in Florida City. Redwood will operate Mariner’s Cove as rental housing, and keep Lime Grove as for-sale townhouses under Miami-Dade’s Affordable Homeownership Program that subsidizes low-income households’ mortgages.
South Florida experienced a multifamily construction boom in the past four years, fueled by demand from out-of-staters and record rent increases. Most of the development spree has steered clear of Opa-locka, a community that’s mostly attracted industrial investors.
Elsewhere in Miami-Dade, 13th Floor Investments and Barings scored a $125 million construction loan last month for the 35-story, 432-unit mixed-income Cadence apartment tower at 3100 Douglas Road in Miami. It’s part of the 7-acre Link at Douglas mixed-use project. In south Miami-Dade’s Princeton neighborhood, Beacon Hill Property Group plans a pair of three-story buildings with 112 apartments under the Live Local Act at 23815 South Dixie Highway. The Live Local Act allows bigger projects and property tax breaks to developers that include below-market rentals in their buildings.
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