Miami River Condo Development Secures Record-Breaking Construction Loan
The financing represents the largest construction loan reported in Florida history.
The financing represents the largest construction loan reported in Florida history.
A two-tower luxury condominium development in Sunny Isles Beach has secured a substantial new financing package, providing fresh capital as construction progresses. The transaction follows significant presales and earlier financing commitments.
He brings more than a decade of commercial real estate experience to CBRE, most recently serving as Senior Vice President at Related Ross in West Palm Beach.
The 60-story tower will feature 183 residences, including four signature penthouses, and more than 300 feet of frontage along the Miami River.
The 24-story development will comprise 333 luxury condominium residences and a retail component anchored by a new 36,000-square-foot Publix Super Market.
A major downtown Miami development site has changed hands only months after its previous acquisition, with new investment partners and a mixed-use project planned for the property.
The property occupies an entire city block.
The sale equates to roughly $281 per square foot of land.
A proposed redevelopment near Opa-locka City Hall could bring housing, retail, hospitality, education and community services to six publicly owned parcels, marking a major investment in the city’s downtown core. The overall development has been valued at approximately $532 million.
The site was acquired from Two Roads Development and Newgard Development Group.
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