Estate Companies scores $76M construction loan for North Miami Beach apartments

367-unit project to include 2,700K sf of commercial space

Miami /
May.May 17, 2021 05:30 PM
The Estate Companies Principal Jeff Ardizon and Managing Principal Robert Suris with a rendering of the project. (Estate)

The Estate Companies Principal Jeff Ardizon and Managing Principal Robert Suris with a rendering of the project. (Estate)

The Estate Companies will start building a North Miami Beach apartment project, after scoring a $76 million construction loan.

The South Miami-based group is developing the 367-unit Soleste NoMi Beach on 1.8 waterfront acres at 16395 Biscayne Boulevard, according to a news release. Little Rock, Arkansas-based Bank OZK is the lender.

The 23-story building will include about 2,700 square feet of commercial space, according to the release. It will offer one-, two- and three-bedroom rentals, ranging from 700 square feet to 1,300 square feet. Units will feature quartz countertops, designer lighting, kitchens with custom cabinets, and walk-in closets. Amenities will include a pool with a sundeck, waterfront promenade, gym, spa, rooftop garden and co-working areas.

Construction is to start this quarter and is expected to be completed in the second quarter of 2023.

Estate, led by Robert Suris and Jeff Ardizon, bought the site in December for $13.1 million.

Estate has built numerous apartment complexes in Miami-Dade County, mainly under its Soleste brand. It typically sells its projects soon after completion, most recently selling the 338-unit Soleste Twenty2 in West Miami to Dallas-based Westdale Real Estate Investment Management for $97 million.

Several other major projects are in the pipeline in North Miami Beach. In May, the city approved Turkish developer Celal Ozkan’s 19-story, 341-unit mixed-use multifamily building Skygarden.

Gil Dezer plans a $1.5 million redevelopment of the Intracoastal Mall in North Miami Beach into a massive project that would include 2,000 residential units, a 250-key hotel, 200,000 square feet of offices and 280,000 square feet of retail.





    Related Articles

    arrow_forward_ios
    Developer Thomas Conway and the Little River location (Google Maps, Qualcon)
    Thomas Conway’s Qualcon eyes mixed-income apartment project in Little River Opportunity Zone
    Thomas Conway’s Qualcon eyes mixed-income apartment project in Little River Opportunity Zone
    (Murano at Portofino)
    Murano at Portofino closing tops weekly condo sales in Miami-Dade
    Murano at Portofino closing tops weekly condo sales in Miami-Dade
    Eric Hassberger and Matthew Vander Werff with an aerial of the property
    AJ Capital Partners invests in Opportunity Zone portfolio in Miami’s Little River
    AJ Capital Partners invests in Opportunity Zone portfolio in Miami’s Little River
    Michael Huffington and the condo building (Getty, Eighty Seven Park)
    Michael Huffington sells Eighty Seven Park condo for $11M a year after purchase
    Michael Huffington sells Eighty Seven Park condo for $11M a year after purchase
    Ivanhoé Cambridge's Nathalie Palladitcheff and Greystar's Bob Faith with the InTown Apartments at 1900 Southwest 8th Street, Miami (Ivanhoé Cambridge, Greystar, InTown Apts.)
    Ivanhoé Cambridge picks up Little Havana apartment complex for $105M
    Ivanhoé Cambridge picks up Little Havana apartment complex for $105M
    South Florida single-family home sales fall in October amid declining inventory
    South Florida single-family home sales fall in October amid declining inventory
    South Florida single-family home sales fall in October amid declining inventory
    Palazzo Della Luna
    $10M Fisher Island closing tops weekly condo sales in Miami-Dade
    $10M Fisher Island closing tops weekly condo sales in Miami-Dade
    Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
    Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
    Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
    arrow_forward_ios

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

    Loading...