MIAMI—An entity controlled by ECI Group and Harbor Group International just secured an $88.7 million syndicated loan to refinance a syndicated construction loan from Capital One. Loan proceeds are going to build Shorecrest Club Apartments. Capitol One served as joint lead arranger, joint bookrunner and administrative agent on the deal.
The developers are building a 467-unit, 20-story, class A multifamily project in Miami. Construction completed in April. As with the construction loan that preceded it, 50% of the current loan has been syndicated with SunTrust Bank.
“This transaction is an excellent example of Capital One's proactive approach,” says John Hope, senior vice president in Capital One's New Orleans office. “As administrative agent and lead on the construction loan, we were in constant discussion with the borrower about their long-term strategy.”
With the project still under construction, Capital One issued terms for a takeout loan that would close shortly after construction was completed. Thanks to this extensive preparation Capital One was able to close quickly, just six weeks after the loan was mandated.
“Capital One provided valuable support for this project even before we broke ground,” says Seth Greenberg, ECI's CEO. “They have proven themselves during the course of our relationship to be creative, flexible, and responsive to our needs.”
Located on the west shore of Biscayne Bay adjacent to the John F. Kennedy Causeway, the Shorecrest Club offers views of the bay, North Miami Beach and Bal Harbor from each of its two towers. Amenities include a waterfront restaurant, lap and resort pools, cabanas and a sundeck overlooking the bay. The market for apartments in the Miami-Dade region is one of the strongest in the country.
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