A company tied to the Brunetti Organization scored a $97 million construction-to-permanent loan for two new apartment towers in Sunny Isles Beach.
Brunetti Organization, led by John Brunetti Jr., secured the loan from the New York Life Insurance Company to build Las Marinas Apartments, two 17-story, 128-unit towers, according to a release. The apartments, at 100 Kings Point Drive, will be next to Marina del Mar, an existing 336-unit,16-story rental tower built in 1962.
The loan will also be used to finance an eight-story, 860-space structured parking garage and a new seawall.
Berkadia’s Charles Foschini and Christopher Apone arranged the financing on behalf of the Brunetti Organization, according to the release. The loan is a 15-year, fixed-rate permanent construction loan with five years interest only.
“A construction-to-permanent loan is one of the most unique executions within the capital markets,” Foschini said in a statement. “In one transaction, capital is provided that allows not only for the development of the towers, but locks in an interest rate today for a project that will not be built and stable for several years from now.”
The Las Marinas development is on an 8.6-acre site surrounded by the Intracoastal Waterway.
Construction on the towers is projected to begin in July and will take 24 months. Plaza Construction is the contractor.
Brunetti Organization is also planning to build 4,400 apartments on the site of Hialeah Park Racing & Casino at 2200 East Fourth Avenue. The company was founded by John Brunetti Sr., who passed away in March 2018.
Brunetti Sr. purchased Hialeah Park in 1977 and it later became one of the premier horse racing tracks in South Florida, according to the Miami Herald.