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Developers Get $16M Loan for Star Lofts

MIAMI-The 48-unit, ultra-luxury project is being developed in the Biscayne corridor. Mellon United National Bank of Miami provided the construction loan. The project is expected to break ground this summer and be completed 12 to 14 months later.

By Melissa Bogdany | Updated on July 30, 2004

MIAMI-Developers Thomas Fawell and Stephanie Herman have closed on a $16-million construction loan from Mellon United Bank of Miami for Star Lofts on the Bay, an ultra-luxury, loft-style project planned for the city’s Biscayne corridor.The 48-unit Star Lofts, which is nearly 60% pre-sold, is slated to break ground this summer and construction will take approximately 12 to 14 months. Lauris Boulanger Inc. is the project’s general contractor.A typical floor will contain three lofts with units priced from the mid-$500,000s to $2.3 million. In addition, the project will have three studio lofts priced in the mid-$200,000s. Amenities planned include an Asian-inspired atrium lobby, an infinity-edged pool, a meditation garden, a yoga/chi lounge, 24-hour manned security and valet service.

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