The Estate Cos. Lands Construction Loan for Miami-Area Project
TD Bank provided the financing for this component of a mixed-use community.
A rendering of the luxury living in Soleste Midtown, a 21-acre mixed-use community in Homestead, Fla. Image courtesy of The Estate Cos. 
A rendering of the street in Soleste Midtown, a 21-acre mixed-use community in Homestead, Fla. Image courtesy of The Estate Cos. 
A rendering of commercial space in Soleste Midtown, a 21-acre mixed-use community in Homestead, Fla. Image courtesy of The Estate Cos.
The Estate Cos. has secured a $64 million construction loan from TD Bank for the residential component of Soleste Midtown, a 21-acre mixed-use community in Homestead, Fla. The larger project features 354 luxury garden-style apartments and 43,000 square feet of commercial space.
Construction is expected to begin in December on the development, located at the southeast corner of Southwest 312th Street/Campbell Drive and Northeast 30th Avenue. Midtown Group, a Miami-based builder, will be developing the commercial portion of the mixed-use property. The residential buildings will be located at the rear of the property with six commercial outparcels fronting Campbell Drive, centered along a promenade.
Soleste Midtown will have six five-story apartment buildings with units ranging from 676 to 1,131 square feet. Community amenities will include a 7,000-square-foot clubhouse, pool and children’s playground. The project’s pedestrian-friendly, mixed-use design will create a village-like atmosphere for the residents of Soleste Midtown as well as surrounding neighbors and visitors.
The property will also provide convenient access to established local businesses including Publix, Starbucks, Walgreens, Chick-fil-A, as well as Baptist Hospital and various financial institutions, offices and restaurants.
James L. Fried, president of Sandstone Realty Advisors, brokered the construction financing transaction.
Actively in the region
Based in Miami, The Estate Cos. is a developer, owner and operator of multifamily properties in South Florida. The firm has approximately 4,000 rental units and 153,000 square feet of commercial space in the pipeline. In addition to Homestead, the firm has numerous projects in various stages of development in the tri-county region.
In July, the company obtained $72.5 million in construction financing for the development of Soleste Palm Station, a 321-unit luxury community in downtown West Palm Beach, Fla., from Synovus Bank. The two-building project is slated to break ground by the end of this year. The property will feature studios, one-, two- and three-bedroom layouts ranging from 330 to 1,265 square feet.
The company also broke ground on the 253-unit The Atlantic by Soleste, a luxury multifamily property in Pompano Beach, Fla., in Broward County, in February 2023. The eight-story building, which also includes 4,000 square feet of commercial space, has studios, one- and two-bedroom units along with live-work units ranging in size from 450 to 1,050 square feet. RKW Residential was recently tapped to manage the newly developed property.
The Estate Cos. has completed Soleste Seaside and Soleste NoMi Beach, upscale rental communities in Dania Beach and North Miami Beach respectively. The firm has also delivered Alture Westland, a hotel conversion in Hialeah, Fla.
