Sunny Isles Beach residential project moves forward with $97M construction loan
The New Jersey-based firm Brunetti has closed on a $97 million construction loan to develop two residential towers and renovate an existing one in Sunny Isles Beach.
New York Life Real Estate Investors supplied the loan for Las Marinas Apartments at 100 Kings Point Drive. The Miami-based team of Berkadia arranged the financing for Las Marinas.
The loan will go towards building two 17-story residential towers, each 128 units. The projects will also include an 8-story garage with 860 parking spots and a seawall. Marina del Mar, an existing 16-story residential tower built in 1962, will be renovated. The development site spans 8.6 acres and is surrounded by the Intracoastal Waterway.
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Construction is expected to begin in July and last 24 months.
“Las Marinas will deliver new high-end apartments to the Sunny Isles market, which is predominantly composed of luxury condos,” Charles Foschini, the senior managing director at Berkadia, said in a press release. “A construction-to-permanent loan is one of the most unique executions within the capital markets. In one transaction, capital is provided that allows not only for the development of the towers but locks in an interest rate today for a project that will not be built and stable for several years from now. To achieve this in the middle of a pandemic required a Promethean effort from all parties on both sides of the transaction.”
This story was originally published June 16, 2020 at 7:00 AM.
