Greystone scores $28M in financing for Miami apartment tower

Greystone bought the land, next to Coral Gables, in March for $9M

Jun.June 20, 2016 11:15 AM

Rendering of 1501 Southwest 37th Avenue

Apartment developer Greystone has closed $28.25 million in financing for a mixed-use apartment tower in Miami.

Map of 1501 Southwest 37th Avenue

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. 

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