13th Floor Lands Funding for Miami Transit-Oriented Project
13th Floor Investments, in partnership with Barings, has secured a $125 million construction loan from a syndicate of Santander Bank and TD Bank to finance the development of CADENCE, a new transit-oriented multifamily project near US-1 and Douglas Road in Miami. Now under construction, the 35-story tower will include 432 market-rate apartments,12.5% of which will be set aside as workforce housing units. Construction is estimated to take 33 months to complete.
The developers entered into a ground lease with Miami-Dade County for publicly owned land which included privately funded transit and infrastructure upgrades at a critical connection point within the County’s transit system. As part of the original agreement, the developers have completed more than $17 million in public infrastructure improvements, including a fully renovated Metrorail station and the development of a public plaza that will connect with a section of The Underline linear park.
CADENCE is the third project at The Link at Douglas (photo) to go in at the location. A fourth is in the planning stages.
Other News
Jonathan Rose Announces Revamp of Ohio Seniors Housing
Jonathan Rose Companies and Community Opportunity Fund, a nonprofit focused on expanding affordable housing and connecting residents to opportunity, announced plans for a comprehensive $32.8 million rehabilitation of Ashtabula Towers, a 202-unit affordable senior housing community in Ashtabula, Ohio. The project represents a significant reinvestment in a longstanding community asset, with updates designed to enhance...
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Atlas Capital Snags Hell’s Kitchen Apartments for Reported $150M
Atlas Capital Group has acquired 360 W. 43rd St., a 256-unit multifamily property located in Midtown Manhattan’s Hell’s Kitchen neighborhood. Although Atlas Capital did not disclose the acquisition price, Crain’s New York Business reported it as approximately $150 million, or about $586,000 per unit. The 23-story, approximately 250,000-square-foot property comprises 256 rental apartments, 13,000 square feet...
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EYA Advances Two Residential Developments in Fairfax County
EYA LLC, a D.C.-based urban infill residential developer, is advancing two major residential projects in Northern Virginia. The firm’s Prosperity Park project received approval from the Fairfax County Board of Supervisors, and the Idylwood Hill development reached a key milestone with the closing of its 6.97-acre site in Falls Church. The two projects will bring...
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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