Mast Capital Delivers 254-Apartment Residential Community In Coral Gables
Avalon Merrick Park offers a variety of floorplans ranging from studios, one-, two-, and three-bedroom apartments spanning from 456 to 1,530 square feet in size.
Avalon Merrick Park offers a variety of floorplans ranging from studios, one-, two-, and three-bedroom apartments spanning from 456 to 1,530 square feet in size.
The property consists of 0.86 acres with T6-80-0 zoning allowing a tremendous development opportunity for up to 800 residential units and 120 hotel rooms.
Robert Kaplan and Mark Rutherford of Cushman & Wakefield secured the financing through Forman Capital and Core Capital on behalf of the developer North Development, a joint venture between Miami-based Oak Development, led by veteran developer Ricardo Dunin, and Peru-based Edifica.
The 8-story project will have 328 one- and two-bedroom apartments. Of these, 40 percent will be designated for households with an income at 80 percent of the area median income, while the remaining 60 percent will cater to households with an income at 120 percent.
The site spans 50,782 square feet on a 1.17-acre plot in Little Havana.
The property, which launched in late 2021 and is now more than 95-percent sold, is currently under construction and is expected to complete in early 2028.
Scott Wadler and Alec Fox, along with Mitch Sinberg and Brad Williamson and Matt Robbins of Berkadia South Florida, secured the $172 million loan from Bank OZK.
The sites offer the opportunity to construct 3.1+ million gross square feet, across multiple towers and to a height of 1,049 feet. By-right uses include condominium, hotel, office, retail, or any combination, thereof.
Like all projects within the Soleste Living brand portfolio, Soleste Spring Gardens is a highly amenitized development with a vast collection of health and wellness offerings, social components and pet-friendly features.
Setting a new record for a single tower, residential construction loan at $600 million, Mast Capital continues to redefine boundaries with their 80-story Cipriani-branded condominium development, slated to break ground on Tuesday.
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