The site is expected to complete and obtain master permitting within four months.
Berkadia Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, Senior Managing Director Mitch Sinberg, and Vice President Michael Basinski of Berkadia South Florida arranged the loan on behalf of the Miami-based sponsors.
Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Associate Director Robert Iudice of Berkadia South Florida arranged the loan.
The property is entitled for the development of 301 residential units, 244,000 square feet of office, and just over 7,000 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.
Senior Managing Director Mitch Sinberg, Managing Directors Matt Robbins, Brad Williamson and Scott Wadler, and Vice President Hugo Hernandez of Berkadia Miami arranged the financing on behalf of Rental Asset Management, a property management company based in Oakland Park, which acquired the property for $31.1 million.
501 First Residences, located on NE First Avenue, will deliver 448 luxury condos to downtown Miami.
Senior Managing Director Charles Foschini and Managing Director Chris Apone secured the financing on behalf of the Aventura, Florida-based developer.
Knotel, a flexible workspace platform founded in 2015 in New York, is slated to occupy the entire 46,072-square-foot property.
Pulso Capital purchased the property for $551,282 per unit.
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