YMP Real Estate Management, led by Moshe Popack, has successfully closed a $30 million refinancing for the acquisition of Park Towers, a 210-unit residential complex in Miami. Valley National Bank provided the loan, which was structured at a fixed interest rate of 6.09 per cent. The transaction was arranged by David Hayum and Michael Farkovits of Meridian Capital Group.
Moshe Popack, a third-generation real estate investor, and YMP's management team have owned and operated Park Towers for over a decade. During this time, they pursued a concentrated value-add strategy, which included extensive capital investments in the property. These continuous improvements played a crucial role in securing the refinancing.
David Hayum of Meridian Capital highlighted that Valley National Bank recognised YMP Real Estate Management's proven track record and remained committed throughout the process. The bank delivered a financing solution that met the borrower's objectives, underscoring the importance of a strong investment history.
The Park Towers complex is located at 777 North West 155th Lane in Miami's Biscayne Gardens neighbourhood, strategically situated near the University of Miami and Florida International University. Opened in 1973, the building spans 224,519 square feet. The ten-storey structure offers a mix of studio, one-bedroom, and two-bedroom apartments. Since its acquisition by YMP in 2012, capital improvements have been carried out continuously.
YMP Management has become a significant player in the Sun Belt region in recent years. The company now owns more than 4,000 multifamily residential units across the states of Florida, Georgia, and North Carolina. This expansion underlines the company's growing presence and commitment in key US markets.
