Miami Luxury Development Receives $58M Loan
- Apr 20, 2018
Estate Investment Group (EIG) has secured $57.8 million in construction financing for the development of Soleste Twenty2, a 338-unit luxury rental community in West Miami, with an estimated completion date scheduled for mid-2019. The developer arranged the loan through Florida Community Bank.
Located at 2201 Ludlam Road, the property will feature studio, one-, two- and three-bedroom apartments, as well as floors plans specifically designed to provide residents with work-from-home options. Amenities will include a pool with spa, sun deck and private cabanas, gaming and theatre room and a fitness center. Furthermore, the community will feature a jogging trail adjoining a dog park and playground.
“This deal and our other recent financing agreements are a testament to the quality of our project, the surrounding city and the overall demand for luxury rental housing in Miami,” Robert Suris, principal of EIG said in prepared remarks. “It’s incredible to see the momentum around West Miami and it’s even more impressive to see it build as our various projects move forward.”
Other recent EIG transactions include the $59 million sale of Soleste West Gables Phase II, an eight-story, 221-unit Class A apartment community acquired by Waterton. In June 2017, EIG sold the 196-unit Soleste Club Prado to an affiliate of Denver-based Grand Peaks Properties.
EIG’s development pipeline features the 200-unit Soleste Bay Village in Palmetto Bay and the 99-unit Soleste Park View in Miami’s Flagami neighborhood. In the coming weeks, the developer is preparing to break ground on another West Miami project known as Soleste Alameda.
Images courtesy of Estate Investment Group