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MIAMI-In a deal aimed at moving Biscayne Landing along, Cohen Financial has arranged a $233.5-million credit facility for the $1-billion project. Boca Developers will use the funds to refinance current debt and cover the costs of infrastructure and amenity development.
The 193-acre master-planned development will ultimately have up to 6,000 residential units, a town center with 400,000 sf of commercial space, a hotel and an Olympic training facility. The development will also feature biking and jogging paths. Biscayne Landing, rising on the waterfront on Biscayne Boulevard at NE 151 Street, is a public/private venture developed with the City of North Miami.
The credit facility, provided by an institutional investment bank, has "an initial term of two years and will allow flexibility as to how this urban development is phased," according to Cohen Financial. Kevin M. O'Grady and Daniel R. Sheehan, managing directors in Cohen's Miami office, repped Boca Developers.
"Biscayne Landing is a very unique, attractive site due to its size, proximity to the bay and in-fill location," O'Grady says in a statement. "Even though the overall real estate market fundamentals remain quite healthy in South Florida, the downturn in residential sales due to oversupply can create challenges when securing large financings. However, Wall Street investment firms strongly endorsed this deal due to our client's ability to take advantage of such a large-scale urban community development in the heart of Miami. Since the property is approved for multiple uses, Boca Developers has adjusted and diversified its master-plan to respond to current and near-term market conditions."
The North Miami City Council approved the project in May 2004, as GlobeSt.com previously reported. At the time of the approval, it was reported Biscayne Landing would take 10 years to complete.
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