Fortune, Blue Road Snag Loan to Build N. Miami Beach Condos
Berkadia secured a $73.3 million construction loan on behalf of Fortune International Group and Blue Road to complete the construction of Nexo Residences, a 16-story, short-term rental condominium tower with 254 residences in North Miami Beach, Florida.
Scott Wadler, Michael Basinski, Bobby Dockerty, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia Miami and Boca Raton arranged the financing.
Bank Hapoalim (BHI) provided a loan to complete the construction of the building.
The financing comes just a few weeks after the building was topped off. Construction has been funded thus far through a combination of condo sales deposits and EB-5 investor funds. The EB-5 program provides foreign nationals with a way to receive U.S. permanent residency by investing in economic development projects. Built by Kast Construction, it remains on schedule for completion in 2027.
Located at 13899 Biscayne Blvd., the project features a three-story arrival lobby and lounge with café, a two-story technology center with coworking spaces, and a pool deck with a Jacuzzi.
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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
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Essex Property Trust, Inc.
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Josh A
California
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Bob Tuteur
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