Atlanta-based multifamily developer ECI Group increased its $60 million construction loan to $88.7 million, according to a mortgage filed in Miami-Dade County records on Thursday.
The $28.7 million loan is for Shorecrest Club Apartments, a rental development at 7965 Northeast Bayshore Court in Miami’s Upper East Side neighborhood. Capital One is the lender, records show.
The two 20-story towers total 467 apartments, according to ECI’s website. The project is a joint venture between ECI Group, Adler Development and Canyon Capital Realty Advisors LLC. In 2013, Canyon Capital Realty Advisors provided $16.6 million.
Apartments range from 685 square feet to 2,011 square feet and include one and two bedrooms. Amenities include a pool deck, spa and gym, theater, parking garage, valet and a 6,000-square-foot waterfront restaurant. Developers paid $6 million for the 2.85-acre site in May 2012, according to Miami-Dade property records. ECI Group CEO Seth Greenberg is listed on the ownership’s corporate records.
The development, which opened this year, is the first in Miami for ECI. Adler is also developing Midtown 29, a 20-story apartment tower in Miami’s Midtown neighborhood.