SoLé Mia in North Miami scores $32M multifamily construction loan

Next up: 187-unit Villa Solé and 190-unit Villa Laguna

Miami /
Mar.March 31, 2021 05:30 PM
A rendering of Villa Solé with Jackie Soffer of Turnberry Associates and Richard LeFrak of the LeFrak Organization (Rendering courtesy of SoLé Mia, Getty, Turnberry)

A rendering of Villa Solé with Jackie Soffer of Turnberry Associates and Richard LeFrak of the LeFrak Organization (Rendering courtesy of SoLé Mia, Getty, Turnberry)

The multifamily and retail SoLé Mia project in North Miami has secured a $32 million construction loan for its second rental community.

Development duo Turnberry Associates, led by Jackie Soffer, and the LeFrak Organization, led by Richard LeFrak, secured the financing through affiliate SM Parcel A, a mortgage record shows. JPMorgan Chase is the lender.

The loan is for the six-story, 187-unit Villa Solé, which topped off this month and is to be finished in October, according to a spokesperson for SoLé Mia. The mid-rise will have one- and two-bedroom units with floor-to-ceiling windows, spa-like bathrooms and expansive balconies.

It is designed by MSA Architects and KDS Interiors. Design Studio Boca is the landscape designer.

The $4 billion SoLé Mia is a master-planned project on the southeast corner of Biscayne Boulevard and Northeast 151st Street. The site includes a man-made, seven-acre swimmable water feature, Crystal Lagoon; a one-acre park; and residences with expansive views of Oleta River State Park to the southeast.

When complete, there will be 12 residential towers totaling 4,000 units. Villa Solé comes on the heels of The Shoreline, a pair of 17-story buildings totaling 397 units. Construction started in March on the third tower, six-story Villa Laguna with 190 units, which is to be finished in September 2022, according to a news release.

Villa Solé and Villa Laguna together will have 25,000 square feet of ground-floor retail.

The entire project aims to bring an urban-core lifestyle to the expansive 184-acre property where residents can swim in the lagoon or go shopping. The site includes a 166,000-square-foot Costco just west of the water and some of the development parcels for residential buildings. The wholesale store moved from its previous location nearby in North Miami Beach.

This is the latest of several multifamily construction financings secured in recent months. A partnership between Stiles Corp. and PGIM Real Estate in March scored a $64.2 million loan for a 315-unit Plantation Midtown Apartments at 1301-1303 Southwest 80th Terrace. The duo bought the site for $5.4 million as it secured the loan.

A 43-unit multifamily project in Miami’s Little Havana in February received a $6.2 million construction loan. The six-story apartment building is to rise at 2052 Southwest First Street.






    Related Articles

    arrow_forward_ios
    Ex-Sagamore Hotel owners set North Miami record with $11M home sale
    Ex-Sagamore Hotel owners set North Miami record with $11M home sale
    Ex-Sagamore Hotel owners set North Miami record with $11M home sale
    Medical Properties Trust CEO Edward K. Aldag, Jr. with North Shore Medical Center (WikiMedia via John Nuno)
    Medical Properties Trust expands South Florida portfolio with $276M buy
    Medical Properties Trust expands South Florida portfolio with $276M buy
    12350 Biscayne Boulevard and buyer Yoram Izhak (Google Maps)
    Johnson & Wales sells more North Miami properties for $21M
    Johnson & Wales sells more North Miami properties for $21M
    Coronado Towers in North Miami (Google Maps, Getty)
    North Miami condominium’s balconies deemed unsafe
    North Miami condominium’s balconies deemed unsafe
    The Johnson and Wales campus and PMG principals Kevin Maloney and Ryan Shear (PMG)
    PMG pays nearly $60M for Johnson & Wales North Miami campus
    PMG pays nearly $60M for Johnson & Wales North Miami campus
    The Johnson and Wales campus and PMG principals Kevin Maloney and Ryan Shear (PMG)
    PMG buying shuttered Johnson and Wales North Miami campus, planning redevelopment
    PMG buying shuttered Johnson and Wales North Miami campus, planning redevelopment
    An aerial of the proposed development site and warehouse with Sergio Rok and Jimmy Tate
    Neighbor sues to short-circuit Jimmy Tate and Sergio Rok’s no-bid North Miami project
    Neighbor sues to short-circuit Jimmy Tate and Sergio Rok’s no-bid North Miami project
    North Miami Studios and two productions, “The Birdcage” and “Miami Vice" (Getty)
    North Miami studios, home to “Miami Vice” and “The Birdcage,” sells to developer that plans mixed-use project
    North Miami studios, home to “Miami Vice” and “The Birdcage,” sells to developer that plans mixed-use project
    arrow_forward_ios

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

    Loading...