Estate Investments Group scores $51M construction loan for apartments in West Miami

The developer will use the loan to start building 306-unit Soleste Almeda

TRD MIAMI /
Nov.November 08, 2018 05:45 PM

Estate Investments Group CEO Robert Suris, Soleste Almeda

Estate Investments Group just scored a $51 million construction loan for its 306-unit Soleste Almeda apartment project in West Miami.

The development group, led by Robert Suris, secured the loan from Arkansas-based Centennial Bank and Miami-based LV Lending for its project at 6290 and 6320 Southwest 8th Street. Estate Investments Group has been an active developer in the city of West Miami and now has two projects under construction there, including Soleste Almeda.

Its newest project will encompass two mid-rise towers with studios, one- and two-bedroom units. Sizes will range from 450 square feet to 900 square feet, with rents averaging $1,600 per month. The project is expected to be completed in early 2020.

In October, the developer secured a $34 million construction loan for its 200-unit Soleste Bay Village in Palmetto Bay. Suris said the site could be sold to an investor seeking to benefit from the federal Opportunity Zone program, which gives developers and investors big tax advantages for investing in certain areas throughout the country.
In July, the group secured a $57.8 million construction loan for 338-unit Soleste Twenty2 at 2201 Ludlam Road in West Miami.

EIG has four additional Soleste-branded properties either built or planned in South Florida. These include the 330-unit Soleste Blue Lagoon, the 350-unit Soleste Grand Central and the 99-unit Soleste Park View and the 251-unit Soleste Uptown.

EIG has completed and sold over $200 million in residential real estate assets in the past two years, according to a press release.


Related Articles

arrow_forward_ios
Housing Trust Group CEO and President Matt Rieger and renderings of the project (City of Hollywood)

Hollywood approves multifamily affordable housing project

Hollywood approves multifamily affordable housing project
Brad Hargreaves

Common managing Nuveen apartment buildings in Fort Lauderdale, LA

Common managing Nuveen apartment buildings in Fort Lauderdale, LA
Housing Trust Group CEO and president Matt Rieger and Hudson Village renderings

HTG scores financing for Hollywood affordable housing project

HTG scores financing for Hollywood affordable housing project
J.C. de Ona, Southeast Florida Division President of Centennial Bank, Amelia Mixed Use rendering

Prestige Companies nabs loan for mixed-use project in Hialeah

Prestige Companies nabs loan for mixed-use project in Hialeah
Al Patel, President of Baywood Hotels and 1101 Northwest 57th Avenue (Credit: Google Maps)

Baywood scores $31M loan to build hotel near Miami International Airport

Baywood scores $31M loan to build hotel near Miami International Airport
Lissette Calderon and a rendering of the site

Lissette Calderon buys land for third rental project in Allapattah

Lissette Calderon buys land for third rental project in Allapattah
South Florida rents are starting to fall (Credit: iStock)

South Florida rents starting to fall, especially in Coral Gables

South Florida rents starting to fall, especially in Coral Gables
Alex Rodriguez and Erin Knight with Laguna Place in Kissimmee (Credit: Michael Loccisano/Getty Images)

A-Rod’s real estate firm to offer rental assistance to tenants impacted by coronavirus

A-Rod’s real estate firm to offer rental assistance to tenants impacted by coronavirus
arrow_forward_ios

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

Loading...