Miami Tower Secures $95M Construction Financing
This community is rising in the city’s Arts & Entertainment District.
Clearline Real Estate has secured construction financing for the Excel Miami Apartments, a 24-story multifamily tower in downtown Miami. Centennial Bank provided a $68.5 million senior construction loan on behalf of the project while Sunrise Realty Trust has committed $13 million to a $26 million subordinate loan.
“We’re excited to partner with Clearline Real Estate on the Excel Miami project, located in the Arts & Entertainment District, one of Miami’s most sought-after and rapidly evolving neighborhoods,” Jay Brito, senior vice president, senior commercial loan officer, Centennial Bank, told Multi-Housing News. Brito orchestrated the senior Centennial Bank loan transaction.
“This property will provide much-needed housing with premium amenities, positioned to meet the demands of a diverse workforce and residents who value convenience and connectivity to key neighborhoods such as Wynwood, Midtown, Downtown Miami and Brickell,” Brito said.
Located at at 1550 NE Miami Place, the 427-unit community will rise in Miami’s Art and Entertainment District. Designed by Arquitectonica, Excel Miami Apartments will total 214,183 rentable square feet.
The community will offer studio, one- and two-bedroom homes as well as 13 townhouse loft units. Amenities will include a pool, yoga deck, fitness room, coworking space, screening room and podcast suites.
The Miami International Airport is less than 7 miles from the property. Downtown Miami is approximately 2 miles south while Wynwood and the Design District are a similar distance to the north. Future residents will be within walking distance of retail, dining and entertainment options.
Construction on the project is already is underway.
Miami activity
In an analysis of more than 100 cities, the top 20 most competitive rental markets across the U.S. were identified and ranked by RentCafe. Tied for first position with the top competitive score was Miami alongside Suburban Chicago. Miami’s occupancy rate, higher than its top counterpart, was 96.6 percent with a lease renewal rate of 71.5 percent, the study showed.
Transaction activity in the Miami area has also been elevated. Financing recently closed for the St. Regis Residences, Miami. The 50-story condominium property on the Biscayne Bay waterfront in the South Brickell neighborhood is on track for completion in 2027.
More recently in Miami’s Kendall neighborhood, a 324-unit luxury property opened. Atlis Grand Kendall, located at 9455 SW 137th Ave, features one-, two-, and three-bedroom apartments ranging from $2,195 to $4,090.
