Fortune International JV Lands $73M Loan for Miami Tower
The partnership topped out the development last month.
Fortune International Group and Blue Road have secured a $73.3 million construction loan for Nexo Residences, a 254-unit, short-term rental condominium development in North Miami Beach, Fla. The partnership topped out the 16-story tower last month, Multi-Housing News reported at the time.
Bank Hapoalim International provided the construction loan. Berkadia arranged the financing on behalf of the joint venture. The project is slated for completion in 2027.
Nexo Residences is funded through the EB-5 Immigrant Investor program, which allows international investors to own equity in the project and also receive lawful permanent resident status. To qualify for a green card, investors are required to contribute $1.05 million to Nexo’s program and follow the necessary procedures outlined by U.S. Citizenship and Immigration Services.
Inside Nexo Residences
Upon completion, Nexo Residences will comprise fully furnished units ranging from studio to three-bedroom layouts, as well as townhomes with three- and four-bedroom floorplans. Unit sizes will range from 531 to 2,438 square feet. Pricing will start from $599,000. According to Berkadia, 90 percent of the residences have been presold. Shared amenities will include a three-story lobby, a two-story technology center with coworking spaces, a pool deck with jacuzzi, a children’s playground and an outdoor movie theater, as well as parking for every unit.
The development is at 13899 Biscayne Blvd., some 2 miles west of Florida International University-Biscayne, and within 15, respectively 20 miles of Miami International Airport and Fort Lauderdale-Hollywood International Airport. Additionally, the development is near several retail options, including Target, Costco Wholesale, Whole Foods Market and Publix Super Market.
Berkadia Managing Directors Scott Wadler, Brad Williamson and Matt Robbins, together with Director Michael Basinski, Vice President Bobby Dockerty and Senior Managing Director Mitch Sinberg, arranged the financing on behalf of the joint venture.
Earlier this year, two other luxury condominium developments in the Miami area received substantial construction loans. In one of these transactions, PMG secured $413 million from an Ares Real Estate fund for One Twenty Brickell Residences—an 803-unit dual-tower development in Miami’s Brickell district—marking one of the largest loan deals in South Florida this year. In another similar transaction, Alta Developers landed a $94.2 million loan for the development of Cassia, a 12-story, 174-unit luxury project located in Miami’s Merrick Park District.
