Ponce Park Condo Developer Inks $132.5M Construction Loan
Allen Morris Co. obtained a $132.5 million construction loan to complete its Ponce Park luxury condo in Coral Gables. The South Florida Business Journal reports that the Bank OZK provided the mortgage to the local developer for the 1.2-acre site at 3000 Ponce de Leon Blvd. Lotus Capital Partners, led by Faisal Ashraf, arranged the loan.
Allen Morris Co. broke ground on Ponce Park in December. The 11-story project will feature 58 condos and 25,000 square feet of retail/restaurant space. The units will range from 1,900 to more than 6,500 square feet, with ceiling of 11 to 12 feet and summer kitchens on the balconies.
Amenities in Ponce Park will include a rooftop pool, a sky bar, a café, a spa, a meditation courtyard, a fitness studio, and a rooftop lounge.
Ponce Park should be completed in early 2028. Kast Construction is the general contractor of the project. John Cunningham of Zyscovich Architects designed the building.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout