Miami Condo Project Gets $21M Construction Loan
- Mar 26, 2019
Trez Forman Capital has completed a $20.66 million construction loan for Arbor Coconut Grove, a luxury condominium project in Miami. The funds will be used to wrap up construction of the 48-unit boutique property in the city’s Coconut Grove neighborhood.
Florida-based Trez Forman previously extended a $2.36 million bridge loan during the project’s pre-construction phase. Located at 3034 Oak Ave., the five-story condo property is being developed by a partnership of Urban Atlantic Group and Oak Ventures, headed by Nick Hamann and Jeremy Waks, respectively.
The building designed by Behar Font & Partners will offer two- and three-bedroom units ranging from 1,474 to 2,257 square feet, some of them duplex lofts and townhome-style units with 20-foot ceilings. In keeping with its “eco-living” theme, the project will feature amenities from a bike-sharing system to electric car charging stations and a yoga and pilates deck.
CocoWalk revamp lifts condo hopes
Parts of CocoWalk, an open-air mall at the center of the Coconut Grove commercial district, were demolished last year to make way for a new office building, and the site’s retail shops and food and beverage outlets are being updated.
“The Coconut Grove market has strong demand from condominium buyers, especially with the major improvements made to CocoWalk and the entire downtown area,” commented Brett Forman, Trez Forman Capital’s president and CEO, in a statement.
Founded in 2016, Trez Forman is a joint venture between Forman Capital and Canadian private commercial mortgage lender Trez Capital Group, which has originated some $10 billion in loans. Just last week, Trez Forman closed a pair of construction loans for two multifamily projects in Denver.
Image courtesy of Trez Forman Capital