Apartment developer Greystone has closed $28.25 million in financing for a mixed-use apartment tower in Miami.
Greystone plans to build a 14-story tower with apartments and retail space on the site of 1501 Southwest 37th Avenue on the border between Miami and Coral Gables.
The financing breaks down to a $22 million construction loan from Ohio-based Fifth Third Bank, and a $6.25 million mezzanine loan, according to a spokesperson.
In March, Greystone paid $8.8 million for the nearly 35,000-square-foot lot, which is across the street from the Publix-anchored Douglas Grand shops.
When completed in 2018, the unnamed project will include 6,500 square feet of retail space, and 91,000 square feet of residential space divided into 100 one- and two-bedroom apartments. Amenities will include an outdoor pool and spa, club room, business center, 24-hour fitness center and units with private balconies. Borges + Associates was tapped to design the building.
The development will also feature two townhouse-style units with rooftop terraces.
Greystone is also building 2500 Biscayne Boulevard, a 20-story luxury apartment complex with ground-floor retail.
Correction: An earlier version of this story stated that Greystone obtained a $17 million construction loan. It was a $22 million construction loan, in addition to a $6.25 million mezzanine loan.