Carlyle, Greystar score $64M construction loan for Overture Dadeland

Rendering of Overture Dadeland, left, and an aerial view of 7400 Southwest 88th Street, right
Rendering of Overture Dadeland, left, and an aerial view of 7400 Southwest 88th Street, right

‘Tis the season for closing on construction financing.

In the latest big-ticket deal, partners Greystar and the Carlyle Group just clinched a $64 million loan from a round of lenders headed by Bank of America, giving them the financing they need to break ground on a new Kendall apartment tower.

This is the first piece of financing taken out against Greystar and Carlyle’s nearly 1-acre development site at 7400 Southwest 88th Street, which was formerly home to an aging six-story medical office building.

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The two filed plans to build a 22-story apartment tower with 216 apartments reserved for seniors aged 55 and up earlier this year, and were granted approvals by the Miami-Dade County zoning board in June.

A notice of commencement filed with the county shows construction should begin imminently. Some of tower’s planned amenities include a fitness center, game room, bar, pool deck and concierge.

This is the second large construction loan intended for an apartment tower to close in the past week, after Miami Worldcenter’s $89 million financing deal for its first rental building. Financing is becoming more difficult to come by for developers, who are now contending with tighter regulations on the banking industry.