Developer scores construction loan for Casa Grove rentals

Israeli lender BHI provided the financing

Dec.December 18, 2017 06:07 PM

Rendering of Casa Grove, Sebastian Barbagallo of B Developments and Tomas Possenti from MEC Development (Credit: MEC Development Associates, B Developments and LinkedIn)

UPDATED Dec. 19, 7:30 a.m.: Miami-based MEC Development Associates and and B Developments just closed on a $27 million construction loan for Casa Grove, a luxury apartment tower planned for Coconut Grove, according to a press release.

The transit-oriented project is being developed by a joint venture between the two firms. Construction of the 130-unit project at 2900 Southwest 28 Lane is set to begin next month, according to the release.

Israeli lender Bank Hapoalim (BHI) provided the financing. Records show an affiliate of B Developments paid $6.1 million for the 1-acre property in 2015.

Plans for the joint venture’s 12-story, 200,000-square-foot project near the10-mile long Underline were approved by the city of Miami’s Urban Development Review Board last year.

Apartments at Casa Grove will range from 635 square feet to more than 1,400 square feet, according to the release. Features include more than 12,000 square feet of commercial space, an amenity deck on the fifth floor and a walk-through connection to the Underline.

The building is set to be completed by the summer of 2019. – Amanda Rabines

Correction: A previous version of this story incorrectly identified the project as Cassa Grove. It is Casa Grove.

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