The Real Deal Miami

Developers of luxe North Miami project get $21M in financing

Plans for Apeiron include 240 residences with concierge service and 90-room hotel

December 23, 2015 02:15PM

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A rendering of the two-tower Apeiron at the Jockey Club project in North Miami

A rendering of the two-tower Apeiron at the Jockey Club project in North Miami

Apeiron at the Jockey Club, an upcoming mixed-use project in North Miami, just took a major step forward after its developers closed on $21 million in financing for the first phase.

The loan was issued by Toronto commercial lender Romspen Investment Corp., and the deal was arranged by brokerage Newmark Grubb Knight Frank and lender Silver Arch Capital Partners.

Apeiron will be developed within the aging Jockey Club condo complex at 11111 Biscayne Boulevard, which was first built in the late 1960’s. The 13.6-acre portion that Apeiron Miami owns does not include the three existing residential towers that house 411 units.

The development team is led by Horst Schulze, the former COO and president of Ritz-Carlton Hotel Co. and current CEO of the Capella Hotel Group. Other project heads include Michael Bedner, chairman of hospitality design firm HBA International, and Muayad Abbas, founder of real estate consultancy firm Urbanis.

Plans for Apeiron include 240 residences, a 90-room hotel, five-acre health complex and a 38-slip deep-water marina.

For the first phase, developers will spruce up the condo complex’s common areas and marina, as well as erect the first tower with 120 residences and the hotel. Apeiron’s second phase will include another tower with the final 120 units.

Residences at Apeiron will receive hotel services, according to a news release from the developers. Unit sizes will range from 2,700 square feet to more than 4,500 square feet. No pricing information is yet available.

Apeiron Miami LLC is the holding company that owns the land where Apeiron will be built. Records show it paid $3.25 million for 22 acres of the complex last year. — Sean Stewart-Muniz

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