Miami JV Secures $125M Construction Loan for Mixed-Use Development
The community will feature a three-story art installation.
A joint venture between Miami Design District Associates, Hunter Pasteur and The Forbes Co. has secured $125 million in construction financing to develop Cassi, a 20-story, 161,444-square-foot mixed-use project with 107 luxury rental residences. Construction has not yet started but, the project is slated to be completed by December 2027.
The financing package was led by Amerant Bank and supported by BHI, the U.S. division of Bank Hapoalim. It was arranged by a Walker & Dunlop Capital Markets team led by Sean Reimer, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella and Michael Stepniewski. The team served as exclusive advisors to the joint venture.
Attorneys Adam Lustig, Salomé Bascuñan, and Kevin Koushel of Bilzin Sumberg represented the developer. Mark Somerstein and Amanda Phillips of Greenspoon Marder represented the banks.
GT Construction & Development is the general contractor for Cassi. Elkus Manfredi Architects and Cube3 designed the project, according to South Florida Business Journal.
MDDA is a joint venture between Craig Robins-led Dacra and L Catterton Real Estate, which has developed much of the Miami Design District, a neighborhood known for its art galleries, museums, luxury retail and restaurants.
Cassi details
Cassi, which will also include 23,000 square feet of retail space, will be located at 91 NE 36th St. at the gateway of the Miami Design District. The residential units will range from one- to three-bedrooms with averaging 1,509 square feet.
Community amenities will include a pool, sundeck and garden, an indoor and outdoor fitness center, yoga room and sauna, chef’s catering kitchen, private dining club, great room with lounges and a library, as well as a coworking office with private studios, a children’s playroom and a 24-hour concierge.
Contemporary artist Jorge Pardo will create a three-story installation across the façade and provide pendant lamps, tilework and furnishing for the lobby.
More Miami developments
Miami continues to see lots of multifamily development activity. Earlier this month, move-ins began at Joule House, a 308-unit luxury mixed-use development in the Wynwood neighborhood that is being built by Fisher Brothers. The 1.38-acre property at 2200 NW First Ave. also has 26,000 square feet of retail space. Fisher Brothers broke ground on the eight-story property, then known as Wynhouse Miami, in July 2023.
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Wynwood Works, another development in the same neighborhood, is a 12-story, 120-unit fully affordable, mixed-use that was completed in February. The project was developed through a public-private partnership between Omni Community Redevelopment Agency, Magellan Housing, Harmony Housing Affordable Development and the Udonis Haslem Foundation.
In May, Alta Developers secured a $94.2 million construction loan for the development of Cassia – The Residences at Coral Gables, a 12-story, 174-unit boutique luxury condominium project located in Miami’s Merrick Park District, within the Coral Gables submarket. The project is expected to finish construction in 2027.
