ACRE Scores $123.8M Construction Loan for Miami Rental Community
ACRE landed a $123.8 million loan, allowing it to start work on a Miami residential community. Canyon Partners Real Estate provided the financing.
Adela on the Park will comprise 337 residential units along with 6,000 square feet of ground-floor retail. The property will offer a full amenity package, including a rooftop pool deck, clubroom, co-working spaces, and a fitness center.
The project represents the second phase of a larger residential development, following the delivery of Adela at MiMO Bay (photo), an adjacent 236-unit community completed in 2020. The new phase will expand the existing footprint with additional units and enhanced amenities, further establishing a cohesive residential offering within the neighborhood.
Situated in Miami’s Upper East Side neighborhood, the property benefits from a residential submarket known for its proximity to the Miami Design District, Wynwood, and Downtown Miami.
Other News
RK Investors Lands $81M Construction Loan for 299-Unit Charlotte Rental Community
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
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Pasadena Offices Sell for Residential Conversion
NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
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Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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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