Colombian developers score $55M construction loan for Edgewater apartment project

A duo of Bogotá-based developers scored a $55 million construction loan for a multifamily project in Miami’s Edgewater neighborhood.

Grupo Diana and Korner are building the 32-story Metro Edgewater with 279 units at 430 Northeast 31st Street, according to a news release from lender Madison Realty Capital.

Melissa Rose and Jesse Wright of JLL arranged the loan.

The project will span 266,306 square feet of residential space and 4,230 square feet of ground-floor retail.

Grupo Diana is a family owned holding company involved in food production and real estate, according to its website. Jaime Murra is the president.

Korner is a construction company.

New York City-based Madison Realty Capital is a real estate private equity firm, managing $8.5 billion in assets on behalf of global institutional investors, according to the release. Josh Zegen and Brian Shatz are co-founders.

Madison has financed other South Florida construction projects, including a $72 million loan for Menin Development’s completed 141-key The Ray hotel at 233 Northeast Second Avenue in downtown Delray Beach.
The Metro Edgewater construction site is near Related Group’s four Paraiso condo towers.

Edgewater, once a residential area with an eclectic collection of architectural styles of houses, has been gentrified and redeveloped with condos and apartment towers, with more projects on tap.

In April, Russell Galbut’s Crescent Heights scored a $224 million construction loan for a Whole Foods-anchored, 39-story apartment building at 2900 Biscayne Boulevard.

New York-based Kushner Companies and Miami-based PTM Partners are developing a three-tower project with 1,300 apartments at 1900 Biscayne Boulevard and 2000 Biscayne Boulevard in Edgewater.

Chicago-based Trilogy Real Estate Group also has invested heavily in Edgewater Opportunity Zone development sites, most recently paying $30.6 million for 1.6 acres at 2201 Northeast Second Avenue.