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Berkadia Secures $97M Construction Loan for Sunny Isles MF Project

Berkadia has secured a $97 million construction loan for Las Marinas Apartments, two residential towers and structured parking in Sunny Isles Beach. The 17-story towers will include 128 units each.

Located at 100 Kings Point Dr., the Las Marinas development is located on a nine-acre site surrounded by the Intracoastal Waterway. The existing adjacent residential tower, Marina del Mar, was constructed in 1962. The first phase will involve upgrades to the existing tower and construction of the parking garage and a seawall for each new apartment tower. Construction on the towers, which is slated to begin next month, will take a total of 24 months.

Charles Foschini and Christopher Apone of Berkadia’s Miami office arranged the financing on behalf of the borrower The Brunetti Organization, a privately owned real estate investment and development firm. A life company provided the 15-year, fixed-rate permanent construction loan with five years of interest-only payments.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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