Ascendra JV Secures $60M for Miami Condos

BAM Development and Ascendra Capital have landed a $60 million construction loan for Seventeen Gables, a 117-unit condominium project in Miami. Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, issued the note.

Filler Capital arranged the deal on behalf of the borrower. Cervera Real Estate will oversee sales and marketing, while Karen Asprea is in charge of interior design.

Site work is expected to start right away. The eight-story building will take shape at 1715 Douglas Road and will comprise one-, two- and three-bedroom units.

Common-area amenities will include a fitness center, a swimming pool, a sauna, a lounge and parking. In addition, the property will feature some 2,000 square feet of retail, according to The Real Deal.

Seventeen Gables will be close to several retail chains, including a Target and a Publix, as well as multiple dining options. Miami International Airport will be 4 miles northwest, while downtown Miami will be some 5 miles east.

Dwight Capital Managing Director David Scheer and Originator Alex Izso originated the loan. Filler Capital Founder & Leader Isaac Filler, Broker Steve Edelstein and Principal & Head of Underwriting Yossi Koschitzki arranged the deal on behalf of the borrower.

Another notable Florida investment happened earlier this month, when Shanna Collective and Iguana Investments secured a $360 million construction loan for a luxury, 26-residence condominium in Jacksonville, Fla. Goldman Sachs provided the financing.