MIAMI—It seems there's plenty of money going around for strong developers. Miami-based Alta Developers and Strategic Properties Group just closed on an $19 million loan to build Le Parc at Brickell.
Banco de Crédito e Inversiones Miami Branch (BCI Miami) loaned the developers the money to fund building the 12-story luxury condominium rising from the dirt at 1600 Southwest 1st Avenue in Downtown Miami's Brickell Financial District. The developers started construction on the 128-unit project in April 2014.The project is now well underway. Completion is set for late 2015.
“This deal shows how banks are willing to lend to well-capitalized developers building projects in great locations,” says Patricio Ureta, CEO of Alta. “This loan speaks very highly of our development given the fact that lenders continue to be cautious in their lending practices.”
Le Parc at Brickell is marked, in part, by its aggressive pricing in an upscale neighborhood. It may very well be the best value on Brickell and has attracted buyers in the market for a Brickell lifestyle and high-end amenities without the Brickell costs. Preconstruction condos range from the low $300,000s to the mid-$700,000s.
When completed, Le Parc at Brickell will offer one-, two-, and three-bedroom luxury units, including studios and exclusive two-story townhomes. Residents will have private terraces with panoramic views of Simpson Park, the Miami skyline, and Biscayne Bay.
Meanwhile, Alta is also partnering with Greystone to develop two Miami residential properties, including a 119-unit multifamily property in Downtown Coral Gables called The Mile and a 156-unit mixed-use high-rise project located at 2500 Biscayne Boulevard in Edgewater. Beyond that, the development group is teaming up with Related Group to develop a new luxury condo in Edgewater called One Paraiso.
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