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Estate Companies scores $76M construction loan for North Miami Beach apartments
367-unit project to include 2,700K sf of commercial space
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.