MIAMI—The capital is flowing for luxury residences in Miami. Alta Developers and Terra Group just closed on a $26 million loan. BCI Bank loaned the Miami-based developers the cash to build Neovita Doral, a townhouse and single-family home community in Doral.
“The loan is testament to the strength of Neovita Doral and the transformation of Doral into one of the most sought-after cities in South Florida,” says Raimundo Onetto, principal of Alta. Site work at the 32-acre development is set to begin later this month.
Doral has been recognized around the world as one of most elite communities in Miami due to its cultural amenities, business development philosophies, and highly educated workforce. Neovita Doral's first phase of construction is slated for completion in the third quarter of 2015.
“Construction loans have become easier to come by at higher leverage points, and lenders are more willing to consider construction-mezz financing,” Tim O'Connor, senior executive vice president and regional manager for NorthMarq Capital, tells GlobeSt.com. “Next year will be a major test on how markets will react to the Federal Reserve's likely raising of short-term rates. Next year we will also see a large wave of maturing CMBS debt that was originated in the last market peak.”
Located at 104 Avenue Northwest and 68-71st Street, Neovita Doral is minutes away from Miami International Airport, several major highways, Trump National Doral, popular retail destinations like the Dolphin Mall and the International Mall, as well as a variety of restaurants. Neovita is also next to a city park.
Neovita Doral will offer two individually gated communities on adjacent parcels of land. The project includes 142 townhomes ranging in size from about 1,816 to 2,045 square feet and 80 single-family homes ranging from 2,729 to 3,610 square feet in size. Preconstruction prices range from the $400,000s to the $500,000s for townhome units, and from the $700,000s to almost $1 million-range for single-family homes.
Alta is also developing several other residential developments including Le Parc at Brickell luxury condominium in the Brickell Financial District; the Mile multifamily development in Coral Gables co-developed in partnership with Greystone; a luxury multifamily tower at 2500 Biscayne Boulevard in Edgewater also co-developed in partnership with Greystone; a condo/hotel project at 3900 Biscayne Boulevard in the Design District; and One Paraiso condominium in East Edgewater co-developed in partnership with Related Group.
Neovita Doral marks Terra's eighth community in Doral, including Modern Doral, Doral Cay and The Reserve at Doral. Terra has also developed several projects in Miami, including 900 Biscayne, Quantum on the Bay and Nautica.
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