Estate Companies scores $36M construction loan for Soleste Spring Gardens
Bank OZK is the lender
The Estate Companies scored a $36 million construction loan for an eight-story apartment complex in Miami’s Health District.
Bank OZK provided the financing for Soleste Spring Gardens at 1033 Spring Garden Road in Miami, according to a press release. The 240-unit complex will offer studios, one- and two-bedrooms from 400 square feet to 1,100 square feet. Amenities will include a pool, cabanas, dog park and pet spa.
JLL Capital Markets arranged the financing on behalf of the Estate Companies.
The firm spent $3 million in February 2019 on part of the property that will house the development.
The Estate Companies, led by Robert Suris, has several South Florida projects in the works. It is developing Miami’s first large-scale Opportunity Zone development, Soleste Grand Central in downtown Miami. The firm also recently paid $15.25 million for a five-acre site occupied by a former Ramada Hotel in Hialeah, with plans for redevelopment.
In addition to Soleste Spring Gardens, the firm plans to break ground on two new projects this year in Dania Beach and North Miami Beach. The Dania Beach project secured a $4.7 million loan earlier this month.
In February, the Estate Companies completed its fourth new rental project in West Miami, Soleste Twenty2.