The Real Deal Miami

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

Construction of the senior-living complex is set to begin immediately
By Sean Stewart-Muniz | December 27, 2016 10:30AM

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.

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.