Berkadia Arranges $328M Construction Loan For Baccarat Residences Miami
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.
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.
Upon completion, phase 1 will contain 601 multifamily units; approximately 180,000 square feet of creative office space in Hines’ proprietary, heavy timber T3 (Timber, Transit, Technology) building; and more than 70,000 square feet of retail.
The project will consist of approximately 509 luxury rental apartments, 275,000 square feet of Class A office space, 25,000 square feet of ground-floor retail space, a 20,000-square-foot open-air retail plaza, and a parking garage.
501 First Residences, located on NE First Avenue, will deliver 448 luxury condos to downtown Miami.
Plans call for a midrise design and programming for 252 residential units across studio, one, two, three and four-bedroom units as well as over 300 parking spaces.
CRE-sources, Inc. is committed to ensuring that individuals with disabilities can access all of the goods, services, facilities, privileges, advantages, and accommodations that we offer through our website.If you are having trouble accessing the website, please call us at 954.290.3866 for assistance.