Adler, 13th Floor close $50M construction loan for Dadeland project

Developers Adler Group and 13th Floor Investments closed on a $50 million construction loan for a luxury rental project next to the Dadeland Metrorail station.

Motion at Dadeland will be a 294-unit high-rise apartment building next to the Romero Britto sculpture visible from Dadeland Station. TD Bank and Banco Santander provided the financing, according to a press release. ARA and CBRE negotiated and arranged the loan.

The 25-story building will be completed by fall of 2018. Amenities will include retail on the ground floor, a modern lobby, a sixth-floor amenity deck, fitness center, pool deck, cabanas and a co-working center. The transit-oriented project will have parking for residents, guests and 54 spaces for the retail component.

The development joins a number of new apartment buildings in the Dadeland area, including a Greystar project in downtown Dadeland and the newly completed Modera Dadeland, which sold for $105 million.

13th Floor and Adler acquired the lease for the development site at 6800 Southwest 84th Street from Miami-Dade County. The joint venture paid $6.2 million for the nearly 1-acre property in April.

“We really like to be in areas we deem as sort of high traffic count, not necessarily Main and Main in the most desirable locations,” 13th Floor’s Nicole Shiman previously told The Real Deal. “Despite the fact that [Dadeland] has historically been considered South Miami…it’s an area we’ve been really excited about in a multifamily perspective because of its proximity to the metro line.”

13th Floor and Adler are also developing the Link at Douglas, another transit-oriented project at the Douglas Road Metrorail station.

Link at Douglas will have 970 residences, a 150-key hotel, 70,000 square feet of retail space and a public plaza. – Katherine Kallergis