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.
Colliers Vice President Virgilio Fernandez represented the seller and the buyer in the transaction.
The seventh and final 15,000-square-foot parcel located at 1469 NW 13 Terrace closed this week.
The newly completed transit-oriented development includes mixed income apartments and neighborhood retail along the Miami-Dade Metrorail corridor at the entrance to Coconut Grove.
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