UPDATED, 5:08 p.m., July 21: Alta Developers closed on $71.9 million in construction financing for a mixed-use project at 3900 Biscayne Boulevard.
The Miami-based development firm, led by Henry Pino and Felipe Raimundo Onetto, secured the loan from Banco de Credito e Inversiones subsidiary BCI Miami, according to a press release. It’s for Quadro, a 198-unit, 13-story mixed-use apartment building planned for the former home of ABC affiliate WPLG-10.
The financing, which includes a $58.4 million construction loan and $13.5 million mezzanine loan, took a year to structure and close, GrayRobinson attorney Barbara J. Ferrer said.
The Comras Company is handling leasing for the 28,000 square feet of ground floor retail space. Revuelta Architecture and Behar Font & Partners are designing the 13-story building. It’s going through the city approvals process, including re-platting and environmental remediation.
Quadro will replace the Miami Arts Charter School, which moved to a new facility in Wynwood. Nancy Karp, of Kobi Karp Architecture & Design, sold the 1.6-acre property to Alta in 2015 for $18.4 million. Vertical construction has not yet begun, Ferrer said.
Alta’s other South Florida developments include Baltus House at 4250 Biscayne Boulevard, 900 Biscayne and Le Parc at Brickell.
An earlier version of this story incorrectly identified the amount of construction financing secured. Alta closed on a total of $71.9 million of financing.