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Capital One Makes $89M Loan for Miami Multifamily

MIAMI—The banking giant had good reasons to make the bet.

By Jennifer LeClaire | Updated on September 10, 2015

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. 

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