Estate Companies Secures Construction Loan for Riviera Beach Rentals

Estate Companies secured a $60 million construction loan for a 255-unit apartment complex in Riviera Beach.

The deal comes amid steady lending flow in South Florida, despite elevated interest rates, skyrocketing insurance, slower lease-ups and other economic headwinds.

South Miami-based Estate plans the four-story Soleste on the Trail garden-style complex with a 2-acre man-made lake in the middle of the community, according to the developer’s news release. BB Americas Bank is the lender.

Jim Fried of Sandstone Realty Advisors represented Estate in the financing.

Soleste on the Trail will consist of one-bedroom and two-bedroom apartments, ranging from 700 square feet to 1,000 square feet.

Estate, led by Robert Suris and Jeffrey Ardizon, bought the 15.8-acre development site for $8 million in 2021, records show.

Estate Companies Secures Construction Loan for Riviera Beach Rentals — Renderings of the planned Soleste on the Trail apartment complex (Estate Companies)

The firm’s South Florida pipeline includes around 5,000 units and 153,000 square feet of commercial space, according to the release.

In North Miami Beach, Estate is developing the 28-story, 363-unit Soleste on the Bay tower at 16375 Biscayne Boulevard. The tower is immediately south of Estate’s 23-story, 367-unit Soleste NoMi Beach apartment tower, which the firm completed last year.

Estate also is developing the eight-story, 347-unit Soleste Reserve 1 apartment building with some workforce units at 5079 Southwest 48th Street in Davie, after landing a $78 million construction loan for the project in December. Adjacent to the building, Estate also plans the eight-story Soleste Reserve 2 with more than 300 units at 5081 Southwest 48th Street.

Last year, Estate also scored a $72.5 million construction loan for the 321-unit Soleste Palm Station apartment complex with a pair of eight-story buildings 520 North Rosemary Avenue in downtown West Palm Beach.

South Florida’s multifamily market has slowed compared to the boom during the first three years after the pandemic’s onset. More recently, developers completed a record number of units, which led to slower lease-ups, more concessions and a flatlining –– and even a decline –– in rents.

Yet, developers have continued to start apartment projects and score construction loans, saying that the supply overhang will be absorbed and demand will come back by the time they finish their new buildings.

Trammell Crow Residential landed $66.4 million last month to develop a 338-unit Alexan-branded apartment complex with five five-story buildings at 785-795 South State Road 7 and an adjacent empty lot in Margate.

In West Palm Beach, Immocorp Ventures is developing a 382-unit apartment complex with three buildings at 2484 Pinewood Avenue in the Northwood District, after scoring a $117 million construction loan in June.