CBRE Arranges $51M Financing for Miami High-Rise
- Aug 29, 2016
Miami—A joint venture between 13th Floor Investments, The Adler Group and Cornerstone Real Estate Advisers has received $51.3 million in financing for the development of Motion at Dadeland, a 25-story luxury rental community in the Dadeland triangle of Miami.
Charles Foschini and Christopher Apone of CBRE’s Miami office arranged the construction loan from TD Bank at a floating rate for a three-year term.
“The appeal of the property is that it’s immediate adjacent to the Metrorail,” Foschini told MHN. “It’s a Class A, high-rise urban community that will be extremely well amenitized itself, but in addition, because of its location to the community, has unique amenities available surrounding it.”
Located at 8832 SW 85th St., across the street from the Dadeland Mall, the transit-oriented development is also nearby other popular retail destinations and restaurants.
“Not without its challenges, we had to work to find a lender to lead the transaction that was comfortable with a long-term ground lease provided by the county and understood that while there was a significant amount of apartment supply in the area, this project was clearly differentiated in its location, amenity, ownership structure and execution,” Foschini said.
When complete, Motion at Dadeland will offer 260,000 square feet of rentable space. Plans also include striking views of downtown Miami and Biscayne Bay, along with approximately 8,346 rentable square feet of ground-floor retail and 411 parking spaces.
According to Foschini, a development of this size is much needed in the area.
“If you look to the East, starter homes in the area have now approached seven figures. If you look into the West, Kendall is an extremely dense, highly urban infill location that regrettably suffers from traffic of immense proportions that is only getting worse,” he said. “Residents at this location are completely immune from the traffic and have all the benefits of the Southern Gables/Pinecrest/ South Miami location.”
The development is expected to be complete in 2018.
Image courtesy of 13th Floor Investments