LCOR Nabs Construction Loan for Edgewater Apartment Tower

LCOR scored a $192.5 million construction loan for a 544-unit luxury apartment tower in Edgewater, as developers are excitedly pursuing multifamily projects across South Florida, despite a lingering oversupply.

New York-based LCOR started construction of a 39-story building at 1775 Biscayne Boulevard in Miami, according to the developer’s news release. The 1.1-acre site is a block from waterfront and Margaret Pace Park. The construction loan amounts to $354,000 per unit.

Designed by ODP Architect, with interiors by Asprea Studio, the tower will include more than 40,000 square feet of amenities, over 10,000 square feet of ground-floor retail and a 448-space garage. Apartments will consist of studios, as well as one-bedroom to three-bedroom units, as well as 29 penthouses.

Natixis Corporate and Investment Banking provided the construction financing, which matures in 2029, according to records.

Institutional Property Advisors, led by Andrew Cohen and Max Herzog, represented LCOR in securing the loan.

Substantial completion of construction is expected in the fourth quarter of 2028, the release says.

LCOR –– led by Anthony Tortora, Brian Barry and Anthony Barsanti –– paid $49 million for the site in 2022 and announced its planned project the following year.

South Florida’s multifamily market became oversaturated with apartments after developers jumped on building during the influx of out-of-staters in the first three years of the pandemic. In 2024, a total of 18,600 units were completed, outpacing total leasing that year by about 20 percent, according to CoStar Group. Although construction starts have slowed, last year’s 12,718 unit completions still surpassed total leasing for the year by about 1,000 apartments.

Much of the supply consists of four- and five-star properties, including luxury rentals, according to CoStar.

South Florida’s median asking rent hit $2,284 in May, or 2.2 percent lower than during the same month last year, according to Realtor.com.

Yet, developers still are jumping on new projects, saying demand will catch up to supply once they finish their buildings and that the region will continue benefiting from out-of-stater move-ins, including during the recent blue-to-red state migration. Many say they also are carefully selecting the submarkets for their projects to ensure they aren’t overdeveloped.

Also in Edgewater, Cain and Kushner paid $43.1 million last month for a 1.5-acre site, where they plan a 40-story, 364-unit luxury apartment tower.

Farther north, Dezer Development scored unanimous approval on June 25 from a city of North Miami planning board for the 586-unit Dezerland Park West with a 14-story and an eight-story building.