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.