Canyon Capital Provides $124M Senior Construction Loan for Miami Development
- Oct 24, 2014
Los Angeles—Canyon Capital Realty Advisors LLC, a real estate investment firm, has provided a $123.6 million senior construction loan for Echo Brickell, a 57-story luxury residential condominium development in the heart of Miami’s Financial District. This loan represents the 12th investment Canyon has consummated in Florida since 2010. Echo Brickell is currently over 80 percent presold, and groundbreaking will begin immediately.
“We are pleased to have the opportunity to finance the Echo Brickell condominium, another iconic addition to the Brickell skyline. We expect the developer will deliver the highest quality residential experience available in Brickell today and look forward to working with them and their team,” says Ronald C. Muzii, Jr., the South Florida-based senior director with Canyon Realty. “As the 12th investment in Florida in the last four years and the third major debt transaction in the Brickell submarket, the Echo Brickell transaction demonstrates Canyon Realty’s commitment to invest in this community.”
Previous loans provided by Canyon Realty in the Brickell submarket include a $130 million senior construction loan for 600 Brickell, a recently built Class A office tower also known as Brickell World Plaza, and a $28 million construction loan for BrickellHouse, a 46-story, 374-unit luxury condominium property. In addition, Canyon Realty has provided debt and equity for many other new or existing retail, apartment, hotel and office properties in South Florida.
“Our ability to structure, underwrite and close a complicated condominium construction loan in fewer than 45 days was critical to this borrower,” says Robin Potts, director at Canyon Realty.
Adds Kevin Maloney, CEO of Property Markets Group, “Canyon Realty was the ideal lender to provide the non-recourse financing for this construction loan. From the moment we met the Canyon team, we knew this was going to be a strong working relationship with one of the country’s most sophisticated and reliable capital providers. ”
PMG was advised by Cohen Financial’s Miami team, including Kevin O’Grady and Daniel Sheehan, managing directors, and Eric McGlynn, director. “Canyon moved extremely quickly to underwrite the deal and issue a term sheet in a matter of days—the execution was similar to that of BrickellHouse, our last transaction, which is now coming full circle and is closing units,” says McGlynn.
Adds Jack Cohen, Cohen Financial’s CEO, “Canyon Realty has proven to be a highly accretive and dependable source of capital, and we look forward to continuing our relationship with them on a national level.”
Construction is slated to begin at the end of October 2014 for a 2017 delivery.
NorthMarq finalizes two multifamily transactions totaling $52.71M
Seattle– Bob Spiro, senior vice president/managing director and Chris Pohlad, vice president of NorthMarq Capital’s Seattle based regional office arranged the refinancing of two multifamily properties in Puyallup and Seattle worth a combined $52.71 million. NorthMarq arranged financing for the borrower in both transactions through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender.
Riverside Park Apartments: This 379-unit property, located at 3107 E. Main Avenue in Puyallup, Wash., was refinanced at $32.06 million. The transaction was structured with a 10-year term and 30-year amortization schedule.
Boxcar Apartments: This 145-unit property, located at 975 John Street in Seattle received refinancing of $20.65 million. The transaction was structured with a 10-year term and 30-year amortization schedule.