A joint venture between Aria Development Group and AQARAT has received a $80.9 million in financing for the development of 501 First Residences, a 448-unit luxury condominium project in Miami.
Berkadia secured the 42-month, full-term interest-only construction loan on behalf of the borrowers. Bank OZK originated the financing.
The developers intend to break ground soon on the 40-story building designed by Revuelta Architectural International. Upon the estimated 2024 completion, 501 First Residences will encompass a mix of studio, one- and two-bedroom floorplans, set to range between 603 and 1,015 square feet. Amenities will include a 75-foot-long lap pool, private club suite with game tables, media room, library and indoor gym with private training rooms, as well as a sunrise terrace, a private rooftop movie theater, an outdoor game lawn, valet service and secure bicycle storage.
The high-rise will come online at 501 NE First Ave., in the proximity of the Miami International Airport and Miami Beach. The Adrienne Arsht Center, the Miami Heat Arena, the History Miami Museum, the Perez Art Museum Miami, Miami Dade College and Bayfront Park are also among the nearby locations.
The Miami-based Berkadia team securing the financing included Managing Director Scott Wadler, Senior Managing Director Mitch Sinberg, Senior Director Matt Nihan and Senior Analyst Michael Basinski.
Miami’s demand for luxury projects
Given the ongoing wealth and business migration to the South, combined with the region’s strong economic fundamentals, Miami sees an increasing demand for luxury residential projects, particularly for multifamily and condo developments.
Miami holds a strong position among the most attractive places to move to and developers have not overlooked this aspect in the past year. Luxury brand Bentley Motors, in partnership with REALM-Global, plans to develop Bentley Residences, a 62-story condominium high-rise in Sunny Isles Beach, Fla., expected to become the tallest coastal residential building in the U.S.
The Related Group is also set to add more condos to Miami’s inventory by developing a 343-unit luxury high-rise. Completion is slated for 2024.