The developers of a mixed-use apartment project in North Miami Beach have secured a $51.24 million construction loan.
North MB Owner, a group led by Jay Massirman, Jay Jacobson and Hunt Companies, are building the 347-unit, eight-story building at 2145 Northeast 164th Street. Records show JPMorgan Chase is providing the financing.
The developers paid $10.23 million for the 2.57-acre site at the end of 2015, which came with approvals for the 638,855-square-foot project. That also includes about 10,500 square feet of retail space and parking.
NoMa is one of several projects planned for North Miami Beach, a city that was previously overlooked by developers. CK Prive Group revealed plans last year for Uptown 163, a mixed-use project with 160 hotel rooms, 198 apartments, 130,000 square feet of office space and 200,000 square feet of retail space it plans to develop on the corner of Northeast 163rd Street and Biscayne Boulevard. At 13810 Highlands Drive, Blue Road developers are building the Highlands, a 60-unit condo project.
Transamerican Development, 13th Floor Investments and Key International are also active in North Miami Beach.
NoMa developer Jay Massirman is part of the Miami City Self Storage joint-venture, which plans to build 1 million square feet of storage space in South Florida. Massirman could not immediately be reached for comment. Jay Jacobson is also managing partner for Eden Multifamily, a development and real estate investment company.