The properties offer premium positioning across the street from FIU’s main campus.
501 First Residences, located on NE First Avenue, will deliver 448 luxury condos to downtown Miami.
The parcels sold for a total of $7 million which, coupled with the recently acquired 1.6-acre riverfront property on 7th Street, brings Newgard’s total land investment to $57.5 million.
The Colliers’ Real Estate Development Division – once focused on commercial buildings – is leveraging its extensive expertise in Construction Management to assist condo boards with multi-million-dollar capital improvements and renovations mandated by the Building Safety Act.
JLL Capital Markets brokered the transaction on behalf of the seller, an investment group from South America.
Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Shannon Wilson of Berkadia Miami secured the financing on behalf of Neology Life Development Group, a lifestyle-driven residential and commercial real estate firm led by Lissette Calderon.
The financing is SCALE Lending’s first deal in South Florida.
Under the proposed special area plan, Sunbeam Properties would build 1,936 residential units, including 117 units of workforce housing, 870,000 square feet of office/retail space, a 112,500-square-foot hotel with about 300 rooms, and about 5,000 parking spaces.
Aztec Group’s Peter Mekras arranged the financing.
The Estate Companies developed the project in 2021 and achieved 95% occupancy in six months.
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