Apartment Investment And Management Company Announces It Has Secured $56M Of Preferred Equity From Leading Investment Firm Sixth Street For The Development Of A Luxury Water-Front Rental Development In Miami, Florida. Affiliates Of Apollo Provided $172M Of Senior Construction Financing To Support The Development. Aimco Will Serve As The Developer And Asset Manager.
Portfolio Pulse from Benzinga Newsdesk
Apartment Investment and Management Company (Aimco) has secured $56 million in preferred equity from Sixth Street and $172 million in senior construction financing from Apollo for a luxury waterfront rental development in Miami. Aimco will develop and manage the 38-story tower, which will feature 114 luxury units and retail space.
September 16, 2024 | 8:22 pm
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POSITIVE IMPACT
Aimco has secured significant funding for a new luxury development in Miami, which could enhance its asset portfolio and revenue potential.
The secured funding from Sixth Street and Apollo for a new luxury development is a positive development for Aimco, potentially increasing its asset value and future revenue streams.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Apollo is providing $172 million in senior construction financing for Aimco's luxury Miami development, indicating its active role in real estate financing.
Apollo's involvement in financing Aimco's project highlights its strategic interest in real estate, which could positively impact its investment portfolio.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70