Biscayne Beach developers pay off $120M construction loan

Blackstone provided the loan in August 2014

Miami /
Jun.June 21, 2017 08:45 AM

The developers of the Biscayne Beach condo tower in Miami’s Edgewater neighborhood just paid off their $120 million construction loan.

Two Roads Development and New York-based GTIS Partners satisfied their mortgage for the 52-story, 391-unit building at 2900 Northeast Seventh Avenue, according to a press release. More than 250 units, or about 64 percent, have closed. The buildings is 99 percent sold, the developers said.

Blackstone Real Estate Debt Strategies provided the construction financing in August 2014. It was completed and recording closings by May of this year. Jim Harpel, Two Roads chairman and senior partner, said in the release that the developers paid the loan off ahead of schedule.

At this stage in the cycle, developers are beginning to pay off their construction financing – thanks in part to the 50 percent deposit structure – as they start delivering projects. The Related Group and Fortune International Group paid off their $102 million loan for Hyde Resort & Residences in Hollywood in March, and in December, Dezer Development announced it had paid off its $214 million construction loan for Porsche Design Tower in Sunny Isles Beach.

Biscayne Beach features a private beach club overlooking the bay, cabanas, a pool, restaurant and bar; a library and billiards room, summer kitchen and lounge area, gym and full service spa.

Thom Filicia of “Queer Eye for the Straight Guy” designed the interiors. Prices ranged from $400,000 to $9 million for one-, two- and three-bedroom condos, townhouse-style units and two-story upper penthouses with private pools and garden terraces. Two penthouses and a beach house unit are left, priced from about $1.6 million to $9.4 million. Cervera Real Estate handled sales for the project, which launched about four years ago.

More than a dozen residential projects are underway in Edgewater, including Elysee Miami, also by Two Roads, OKO Group’s Missoni Baia and the Related Group’s 11-acre Paraiso District. – Katherine Kallergis


Related Articles

arrow_forward_ios
Stephen Schwarzman with the site (Getty, Google Maps)

Blackstone pays $21M for Doral industrial dev site

Blackstone pays $21M for Doral industrial dev site
Rendering of the Dorsey with Alex Karakhanian, Jon Paul Perez and Tricera’s Scott Sherman and Ben Mandel (iStock)

Related scores $88M construction loan for Dorsey project in Wynwood

Related scores $88M construction loan for Dorsey project in Wynwood
Stiltsville (Wikimedia Commons)

One of few remaining Stiltsville homes destroyed in fire

One of few remaining Stiltsville homes destroyed in fire
Blackstone's Jon Gray and 2MiamiCentral (Getty)

Blackstone inks lease at MiamiCentral in downtown Miami

Blackstone inks lease at MiamiCentral in downtown Miami
Renderings of 502 NY 207th Street and Coastland Construction president Alex Rodriguez (Coastland, Miami Gardens)

Touchdown! Housing development near Hard Rock Stadium scores $38M loan

Touchdown! Housing development near Hard Rock Stadium scores $38M loan
Exeter Property Group CEO Ward J. Fitzgerald III (Ehlers-Danlos, Google Maps, Exeter)

Exeter lands $75M loan for spec Coral Springs warehouse project

Exeter lands $75M loan for spec Coral Springs warehouse project
Photo courtesy of David Iglesias

Boca Beach House condo project scores $43M construction loan

Boca Beach House condo project scores $43M construction loan
Nick Rojo and Jeff Burns (Affiliated, iStock)

Affiliated Development launches $125M workforce housing fund

Affiliated Development launches $125M workforce housing fund
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...