13th Floor Obtains $134M Construction Loan for Douglas Final Phase
13th Floor Investments, in partnership with Barings, has secured a $134 million construction loan to finance the development of Crescendo, the fourth and final residential tower at Link at Douglas. The construction financing is led by Santander Bank in partnership with TD Bank and First Horizon Bank.
Located at 3070 SW 37th Avenue, adjacent to Miami-Dade County’s Douglas Road Metrorail Station, Crescendo will include 392 multifamily units at the intersection of US-1 and Douglas Road between Coral Gables and Coconut Grove. Now under construction, the 37-story tower is expected to deliver in 2029.
Link at Douglas’ first phase, which delivered in 2023, introduced two fully leased residential towers totaling 733 apartments, the 312-unit Core and 421-unit Cascade buildings, along with more than 30,000 square feet of retail space anchored by Milam’s Market. The project’s third residential tower, the 432-unit Cadence building, is currently under construction and expected to deliver in 2028. With the addition of Crescendo, Link at Douglas will encompass more than 1,500 residential units.
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Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
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Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout