Greystone announced the closing of $28.25 million in financing for the construction of 1501 SW 37th Avenue, a mixed-use apartment tower in Miami. The project lies on an approximately 34,000 square foot (net) lot that will be developed into approximately 91,000 square feet of residential and 6,500 square feet (net) of ground-floor retail space.
The $28.25 million in financing consists of a $22 million construction loan from Fifth Third Bank and a $6.25 million mezzanine loan provided by Terra Capital Partners.
“While the financing market has chilled considerably for ground-up construction in Miami, it was refreshing to find capital sources like Fifth Third Bank and Terra that made the effort to understand our project,” said Jeff Baevsky, Senior Managing Director of Greystone. “The reality is that while there may be some shadow inventory concern, there are few, well located, purpose built rental apartment buildings in the Miami MSA. We successfully built and sold a very similar project, The Mile, in the Coral Gables submarket and remain bullish.”
1501 SW 37th Avenue, a ground-up 14-story building designed by Borges and Associates, will include 100 residences with one- and two-bedroom apartments. All units are anticipated to have private balconies, with two townhouse-style units boasting rooftop terraces. Amenities will include an outdoor pool and spa, club room, business center and a fully equipped, 24-hour fitness center. The property is ideally situated within walking distance to Downtown Coral Gables and Miracle Mile. 1501 SW 37th Avenue is slated for completion in the first quarter of 2018.
“This is a beautifully designed and well-conceived project breaking ground just as another nearby Greystone project was successfully sold proving Greystone’s capabilities and market acceptance” noted Dan Hartman, Managing Director of Terra Capital Partners. “We are very pleased to be partners with a top quality developer such as Greystone and look forward to future opportunities.”
Greystone also is currently developing 2500 Biscayne Boulevard, a 20-story luxury apartment complex with street level retail located near Biscayne Bay. 2500 Biscayne was acquired by Greystone in May 2014 as a 45,365 square foot (1.04 acre) parcel of land in the Edgewater district of Miami. The project is currently being developed into a 156-unit mixed-use property boasting 11,000 square feet of street-level retail.