The Real Deal Miami

Sereno Bay Harbor Islands gets $12.3M construction loan

Project expected to open in summer 2016

July 02, 2015 03:15PM

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A rendering of the 38-unit Sereno Bay Harbor Islands project

A rendering of the 38-unit Sereno Bay Harbor Islands project

Sereno Bay Harbor Islands, a boutique condo development currently under construction, just inked $12.3 million in construction financing from City National Bank.

The 38-unit project is located at 10201 East Bay Harbor Drive. Its developers, South Florida-based companies 13th Floor Investments and Integra Investments, first purchased the property for $15.3 million in 2012. That deal also included nine other apartment buildings in the northeast section of the Bay Harbor Islands.

The pair began construction on Sereno in January after they demolished the previous complex.

All 38 units were sold by that point, and nearly half of the buyers were Brazilian. Prices had ranged from $912,000 to $1.5 million for the one-, two- and three-bedroom units. The project is slated to finish in summer 2016.

Interiors by Steven G. designed the units with Italian cabinetry and European finishes. Each residence will also have private elevator access.

Amenities for the building include a rooftop pool, outdoor movie theater, bar and grill area, plus a fitness center in Sereno’s “The Bay Club,” which has kayaks, paddleboard and boat services.

“We are thrilled to have closed this loan with City National Bank who has once again proven to be a strong partner for 13th Floor, our partners, and projects,” said 13th Floor CFO Daryl Shevin in a statement. “We look forward to the success of Sereno and continued collaboration on future projects.” — Sean Stewart-Muniz