CEDARst Companies has started work on its first Florida development: a 350,000-square-foot mixed-use apartment project located in Miami’s Little River neighborhood.
The project, located at 208 NE 78th Street, will deliver 191 rental units and 8,000 square feet of ground-floor retail. Completion is expected in May 2027.
The residential mix includes 52 studio, 84 one-bedroom, 43 two-bedroom, and 12 three-bedroom apartments. The property will also offer amenities, including co-working lounges, a golf simulator with two hitting bays, dual sports lounges, an indoor pickleball court, and a landscaped pool deck. A dedicated wellness area will feature a dry sauna, cold plunge, hot tub, and full fitness center, anchored by a two-story indoor lounge.
Designed by ODP Architecture and Design and built by Hogan Brothers, the project is within a designated Qualified Opportunity Zone. Affiliates of Cantor Fitzgerald L.P. and Silverstein Properties are equity investors, and ACRE is the construction lender.
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
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An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
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The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
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