Biscayne Landing Gets $100M for Development

NORTH MIAMI-The developers of Biscayne Landing, a planned $1-billion-plus luxury, mixed-use project here, have obtained $100 million in financing for the project’s development.LJ Melody & Co., the real estate investment banking arm of CB Richard Ellis, arranged the acquisition and development loan for the 193-acre waterfront urban village, which is located between Northeast 137th Street and Northeast 151st Street, formerly known as the Munisport site, by Biscayne Bay near Oleta State Park and Florida International University. Kevin M. O’Grady, director, and Daniel R. Sheehan, vice president, both with the South Florida office of LJ Melody, and Jay Massirman of CBRE secured the funding for the joint-venture developer Swerdlow Boca Developers.An out-of-state investment bank provided the loan, which includes a five-year term, a competitive floating interest rate and limited recourse provisions to the developer.Plans call for Biscayne Landing to consist of about 5,000 for-sale residential units, one or more three-star hotels, and a mixed-use town center, including office space, restaurants, shops and services. The three-phase development will take an estimated 10 years to complete. The North Miami City Council earlier this year approved the site plans for the first phase, Royal Oaks, which will consist of 600 to 700 units in 23- and 25-story high-rise buildings with amenities and covered parking. The towers will feature two- and three-bedroom units with ocean and bay views that are pre-construction priced from $350,000. International Sales Group is handling sales and marketing for the project.Swerdlow Boca Developers is a joint venture between Deerfield Beach-based Boca Developers and Coconut Grove-based Swerdlow Group. Boca Developers specializes in luxury high-rise condo development, and Swerdlow Group specializes in the development of commercial real estate.