The Estate Cos. Secures $76M Construction Loan for North Miami Beach MF Project
Multifamily developer The Estate Cos. has secured a $76 million construction loan for Soleste NoMi Beach, a 685,957-square-foot, 23-story rental community in North Miami Beach.
Located at 16395 Biscayne Blvd., the community will consist of 367 units and 2,708 square feet of commercial space. Soleste NoMi Beach will be a highly-amenitized development with a vast collection of health and wellness offerings and social components, including but not limited to a resort-style pool with spacious sundeck, waterfront promenade, state-of-the-art fitness center, spa, rooftop garden and co-working stations. Tenants at the community will be able to select from a variety of one-, two- and three-bedroom units ranging in size from approximately 700-1,300 square feet.
Brian Gaswirth and Michael DiCosimo of JLL secured the financing on behalf of The Estate Cos. through lender Bank OZK. Groundbreaking is slated to begin this quarter.
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.