The Real Deal Miami

Stripey scores $17M in financing for new Edgewater condos

One-bedroom units start at $270,000

February 24, 2016 12:00PM
By Sean Stewart-Muniz

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Renderings of the 10-story 26 Edgewater condo project

Renderings of the 10-story 26 Edgewater condo project

Stripey Development just nabbed $16.8 million in construction financing for its upcoming 26 Edgewater condo project in Miami.

The loan was issued by C1 Bank, according to Miami-Dade County property records. It covers the project’s construction site at 321 Northeast 26th Street, which is surrounded by low-rise commercial and residential buildings.

Plans for 26 Edgewater include a total of 86 units, split between 58 one-bedroom units with an asking price of $270,000 and 28 two-bedroom residences with an average price of $340,000. Fortune International Realty was formerly the exclusive sales and marketing firm for the project. As of this week, Cervera Real Estate has been tapped to head sales and marketing, according to the firm’s spokesperson.

As The Real Deal reported last June, the project was about 80 percent sold to mostly U.S. residents and buyers from Canada.

Residences in the building range in size from 598 square feet to 1,312 square feet including balcony space. Their features will include: porcelain wood floors, frameless glass showers, nine-foot ceilings, stainless steel appliances and quartz countertops.

The 10-story building broke ground in June and is slated to open in 2017. Its amenities include a rooftop pool and fitness center, plus one designated parking space per unit.

Stripey, a U.S.-based development firm that’s active in South Florida, originally paid $2.4 million in 2014 for the land where it’s building 26 Edgewater. The company is headed by Alejandro Goldemberg and Carlos Mezzo.