Berkadia Secures $80.9 Million Construction Loan For Aria Development Group, AQARAT To Build Luxury Condos In Downtown Miami
501 First Residences, located on NE First Avenue, will deliver 448 luxury condos to downtown Miami.
501 First Residences, located on NE First Avenue, will deliver 448 luxury condos to downtown Miami.
City of Lauderhill commissioners have taken the first step toward getting the project built by approving a special exception application which will allow for the development of residential units on the property.
The intial offering will include 62 luxury condominiums with two- to four-bedroom units, starting at $3 million, and an exclusive mix of owner privileges.
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Senior Managing Director Charles Foschini and Managing Director Chris Apone secured the financing on behalf of the Aventura, Florida-based developer.
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The loan will allow the developer to ready its 6-acre waterfront site for its slated summer 2023 groundbreaking.
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The 159,722-square-foot, 9.2-acre property built in 1989 last sold in 1996 for $7.2 million.
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.
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