$6.8M Acquisition Loan on a 20-Unit 1925 Miami Apartment Building

For three years the debt on 1051 Northwest 2nd Street in Miami cycled through private hands: a $2,000,000 private party mortgage in September 2023, modifications in March, April, and October of 2024 that stepped the recorded balance to $2,900,000, and a $3,300,000 credit union mortgage in January 2025. In April 2026 the building sold, and its debt came back to a bank balance sheet. US Century Bank recorded a $6,800,000 mortgage against the property on April 28, written on a 120 month term due April 15, 2036.

The buyer, Abundanz Management LLC, paid $4,850,000, purchasing from Rosemarie Weber Properties LLC. Miami-Dade's sale record qualifies the transfer as an arms-length sale by examination of the deed, and shows the seller had itself purchased the building in January 2025 for $5,100,000. Florida's Division of Corporations shows the buyer entity active, with a document number in the state's 2026 filing series. The mortgage is notable for its size relative to the deal: at $6,800,000, the recorded loan is larger than the recorded purchase price. The instrument does not state a rate or a use of proceeds, and no figure beyond the recorded amounts is published here.

The building has been marketed under two names, most recently as Havana Heights Apartments and earlier as Victoria Apartments. It is a three story, 20 unit walk-up built in 1925, with 11 one bedroom and 9 two bedroom units per the marketing materials and 13,302 square feet per the county record. The most recent sale listing described a completed gut renovation, hurricane impact windows, updated plumbing, and 95 percent average occupancy; those are marketing claims, reported as stated. A current rental listing shows units from $1,900 a month, and an archived listing carried asking rents of $2,105 for one bedrooms and $2,356 for two bedrooms.

US Century Bank has been on this collateral before. The bank recorded a $1,915,000 mortgage on the property in July 2021, also on a 120 month schedule, before the private party chain began in 2023. The full recorded history runs 12 instruments back to 1999 and alternates between institutional and private credit: TotalBank at $6,600,000 in 2003, small mortgages from Silver Hill Financial and GreenPoint Mortgage Funding in 2005 and 2007, a private refinance in 2011, then the 2023 to 2025 private party sequence. Few tracked properties show the two sides of the small balance market trading places this clearly.

The lender is a Miami community bank whose commercial real estate page lists multifamily among its core property types, alongside construction, renovation, refinancing, and term programs, and describes itself as especially committed to South Florida real estate. This is its third closing tracked on LoanList, following industrial and multifamily deals. Within Miami's tracked record the loan sits near the small end, 37th of 39 closings by size; tracked Miami multifamily this spring runs from this loan and a $7,000,000 Homestead financing up to a $46,012,000 refinance by Lument Real Estate Capital.

For owners of small pre-war rental buildings in Miami, the chain of title here maps the financing menu: private party lenders and credit unions on short, flexible paper, community banks on ten year terms. A building that spent three years on private credit ended up with a decade of bank debt at closing. Owners weighing the same trade in either direction can see both executions, with recorded amounts and dates, in this one property's history.