Miami Luxury Community Lands $102M Loan
- Jan 05, 2018
Canyon Partners Real Estate LLC recently provided a $102.3 million senior bridge loan to East Side Miami LLC, an affiliate of ECI Group, for the Shorecrest Club in Miami. The luxury multifamily property comprises 467 units in two high-rise towers.
Located right on the Biscayne Bay at 7950 Bayshore Court, the development comprises two 20-story towers. Miami International Airport is only ten miles away, while downtown Miami is eight miles south of the site, offering residents access to employment, retail facilities and restaurants. The buildings are currently the only high-rises in the area, offering unobstructed views of their surroundings.
The Class A community provides one-, two- and three bedroom apartments, as well as a 720-space covered parking garage. The residential units’ high-end finishes include granite countertops and in-unit washers and dryers.
Common amenities feature:
- resort-style pool with lap lanes
- outdoor cabanas
- fitness center with saunas
- tenant lounges with free Wi-Fi
- storage units
- valet parking
- movie theater
ECI Group plans to upgrade Shorecrest Club with 12 boat slips planned for the Biscayne Bay waterfront, additional landscaping, and a half-acre dog park.
“Over the past five years, we have worked with Canyon to develop several successful multifamily projects in the Southeast. They are a creative and reliable capital source and we are pleased to expand our lending relationship with Canyon on one of the key assets in our portfolio,” said Seth Greenberg of ECI Group in prepared remarks.
Image via Google Street View