Holliday Fenoglio Fowler senior director Robert Kaplan arranged the three-year, adjustable rate construction loan on behalf of Meruelo Enterprises, a 30-year-old, private real estate company focusing on commercial and residential projects in Florida and California. This funding was provided through Corus Bank, a construction lender based in Chicago.
Kaplan also arranged a three-year, fixed-rate mezzanine financing through City National Bank of Miami.
"Both lenders recognized the borrower's financial strength, experience developing various smaller projects over 30 years, and the project's location and strong presales as sufficient to warrant making the loans," according to Kaplan.
Located in North Beach, the Akoya Condominiums will be the tallest oceanfront condo tower in South Florida. The project will total almost 500,000 sf.
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