The real estate finance and investment management firm PCCP is providing a $15.5 million senior loan to Miami‐based NR Investments to purchase the Filling Station Lofts, a partially complete, foreclosed residential tower in Miami, PCCP announced today. The financing was arranged by CBRE.
The 103,000-square-foot, 10-story tower is composed of 81 loft‐style residential units on a 0.6‐acre lot within the Edgewater submarket, just North of Downtown Miami. Development on the property had begun in 2006 with a different developer but was stalled by the financial crisis and the interior build‐out was never completed. NT Investment plans to complete the building’s redevelopment into high-end rental units.
“NR Investments is a local operator that has a track record of successfully developing, acquiring, and repositioning apartments, condos, and office assets in South Florida,” Kevin Chin, vice president with PCCP, said. “This is an ideal time and opportunity for them to finish construction given the lack of available new supply and strength of the Miami residential market.” —Christopher Cameron