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Privee Capital scores $59M construction loan for 144-unit apartment project in Coral Gables
Multifamily developer previously completed a rental project on city’s Galiano Street
Privee Capital scored a $59 million construction loan for a 144-unit apartment project in Coral Gables.
The Miami Beach-based development firm plans a nine-story building on a 1.4-acre site at 301-341 Madeira Avenue, said Privee’s managing partner Jonatan Sredni. City National Bank of Florida is the lender for the floating-rate debt, according to records and Sredni.
Privee bought the site in multiple deals for roughly $7.5 million, combined, from 2013 to 2018, according to Scott Alcus, managing partner at Privee.
Construction of the Behar Font & Partners-designed project is expected to start in the second quarter, and completion is slated for late next year, Sredni said.
Erwin Sredni, Jonatan Sredni’s father, started developing retail in Miami-Dade and Broward counties in the 1990s, eventually focusing on industrial real estate and then on multifamily in 2011, according to Privee’s website. Jonatan Sredni and Alcus are leading the Madeira Avenue project.
Privee’s other developments include the six-story, 27-unit Gables Galiano apartment project at 1091 Galiano Street in Coral Gables. The firm completed the project after purchasing the building while it was still under construction in 2020 for $11.1 million.
The financing for the Madeira Avenue project adds to a slew of construction loans in South Florida, underscoring how the region is bucking the national trend of a financing slowdown. Roughly $2 billion in construction loans closed in recent months for projects in the tri-county region.
This month, Oak Row Equities scored $181 million to build a 41-story, 399-unit apartment tower with 187,000 square feet of commercial space at 2600 Biscayne Boulevard. Last month, Apollo Companies and Liberty Base Investments landed $55.6 million to build a 12-story, 278-unit apartment building with a cafe and 449 parking spaces at 101 Southwest First Street in Dania Beach, marking the first phase of their 101 Dania Beach mixed-use project.
Other planned projects in Coral Gables include Constellation Group and the Boschetti Group’s eight-story building with 70,000 square feet of offices, 5,900 square feet of ground-floor retail and 7,000 square feet for a rooftop food and beverage venue at 4225 and 4311 Ponce de Leon Boulevard. In December, the developers scored a $33 million construction loan for the project.
Also, Codina Partners plans an 18-story, 124-unit apartment building at 2601 Salzedo Street. The development firm, based in Coral Gables, landed a $115 million construction loan for the project in November.