Luxury Miami Tower Lands $138M Financing

Walker & Dunlop arranged the construction loan on behalf of the developer, Two Roads Development. The 100-unit Elysee broke ground in 2017 and is scheduled for completion by 2020. 
Rendering of Elysee Miami
Rendering of Elysee Miami

Two Roads Development has secured $138.1 million in construction financing for Elysee, a waterfront condominium tower in Miami‘s Edgewater neighborhood. Walker & Dunlop’s Managing Directors Kevin O’Grady and Eric McGlynn, of the firm’s Capital Markets group, arranged the financing with JP Morgan Chase Bank NA. 

Located at 788 Northeast 23rd St., the 57-story luxury tower began construction in 2017 and is scheduled for completion by 2020. Floorplans will be offered in three-, four- and five-bedroom layouts, ranging from 2,300 to 4,000 square feet, as well as up to 11,625 square feet for the largest penthouses on levels 56 and 57. Interior features include private elevators and foyers, 10- to 11-foot ceilings, two terraces, smart home technology, washer/dryers, floor-to-ceiling glass windows and balcony doors, designer fixtures in kitchen and bathrooms and stainless steel appliances. Residents will have access to amenities including:

  • ground-level pool
  • sunset pool on the seventh floor
  • fitness center
  • spa facilities
  • owner’s sky lounge with dining and entertainment on the 30th floor
  • automated parking
  • wine vault and storage
  • bike storage
  • butler and concierge services 
  • outdoor summer kitchen and barbecue terrace
  • yoga studio
  • children’s room
  • library
  • grand salon
  • private media room

“Elysee is a very unique opportunity that appealed both to us and the financial community because it is a boutique building in a bohemian neighborhood,” O’Grady told Multi-Housing News. “Though it is not huge relative to its neighbors, it has all the benefits such as being on the water, being in an urban setting, and it has unparalleled and luxurious amenities. It was really an exceptional investment opportunity.”

Rendering courtesy of Walker & Dunlop