MIAMI—Earlier this week, I reported on Blackstone lending $120 million to Biscayne Beach's developers. Now, Cohen Financial, the firm that arranged the construction loan on the 399-unit condo project in Edgewater, is offering insight into what made the deal so attractive to the lender.
A joint venture between Eastview Development and GTIS Partners is building Biscayne Beach, a 51-story condo rising at 711 Northeast 29th Street. Blackstone Real Estate Debt Strategies provided the loan.
The developers launched construction of Biscayne Beach in June and have already sold more than 70% of its units to amass $250 million in sales. Completion is slated for 2016. Biscayne Beach offers one-, two- and three-bedroom condos, including two two-story penthouses with private rooftop pools and garden terraces.
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