The Real Deal Miami

Crimson developer gets $16M construction loan

Groundbreaking later this month for Edgewater project

January 02, 2014 11:15AM

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Crimson rendering and mckafka principals Fernando Levy Hara and Stephan Gietl

Crimson rendering and mckafka principals Fernando Levy Hara and Stephan Gietl

The developer of The Crimson – Waterfront Residences in Miami’s Edgewater neighborhood has obtained a $16 million loan and plans to start construction later this month, The Real Deal has learned.

Stephan Gietl and Fernando Levy Hara’s mckafka Development Group received the construction financing from Banesco USA Bank, according to a project spokesperson. The company expects to hold a groundbreaking ceremony for the 90-unit development at 601 Northeast 27th Street by the end of January. Luis Duany of Duany Financial Network arranged the financing.

A LEED Silver-certified project, The Crimson is expected to have one, two and three-bedroom residences, penthouses and townhomes. Units range in size from 780 to 1,600 square feet. Amenities include storage space for each unit in the parking garage, a pool deck, hot tub and zen room.

ISG is exclusively handling sales at The Crimson. — Eric Kalis

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