MIAMI—The developers behind Motion at Dadeland have won the confidence of lenders. TD Bank just inked a $51.3 loan for the 25-story luxury multifamily community in Miami's Dadeland triangle.
CBRE Capital Markets' Debt & Structured Finance arranged the financing. A joint venture between 13th Floor Investments, The Adler Group, and Cornerstone Real Estate Advisers will bring more than 260,000 square feet of rentable space to market at 8832 SW 85th Street. The multifamily asset is expected to come online in 2018.
Charles Foschini and Christopher Apone of CBRE's Miami office arranged the construction loan. TD Bank at a floating rate for a three-year term. Additional terms of the loan were not disclosed.
“Motion at Dadeland was one of my more rewarding career deals,” says Foschini, vice chairman of CBRE South Florida Markets. “It is an exceptionally well thought out project that will benefit the community in its execution and connectivity being immediately adjacent to the Metrorail. Not without its challenges, we had to work to find a lender to lead the transaction that was comfortable with a long term ground lease provided by the county and understood that while there was a significant amount of apartment supply in the area, this project was clearly differentiated in its location, amenity, ownership structure and execution.”
13th Floor Investments and Adler Group purchased a ground lease for the 0.87-acre development site next to the Miami Metrorail Dadeland North Station and Dadeland Station in 2014 from Miami-Dade County. Plans for the transit-oriented development call for luxury amenities and Downtown Miami and Biscayne Bay views.
The Dadeland area is heating up from both a capital investment and acquisitions standpoint. A 0.9-acre development site directly across from Dadeland Mall in Miami's Kendall neighborhood has traded hands. The sale price was $10.3 million.
“The Dadeland submarket has proven to be one of South Florida's most exciting urban nodes of development,” HFF associate director Maurice Habif tells GlobeSt.com. “With immediate access to some of the area's most desirable employment and lifestyle destinations, the site enjoys an ideal location within the neighborhood.”
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
MIAMI—The developers behind Motion at Dadeland have won the confidence of lenders. TD Bank just inked a $51.3 loan for the 25-story luxury multifamily community in Miami's Dadeland triangle.
CBRE Capital Markets' Debt & Structured Finance arranged the financing. A joint venture between 13th Floor Investments, The Adler Group, and Cornerstone Real Estate Advisers will bring more than 260,000 square feet of rentable space to market at 8832 SW 85th Street. The multifamily asset is expected to come online in 2018.
Charles Foschini and Christopher Apone of CBRE's Miami office arranged the construction loan. TD Bank at a floating rate for a three-year term. Additional terms of the loan were not disclosed.
“Motion at Dadeland was one of my more rewarding career deals,” says Foschini, vice chairman of CBRE South Florida Markets. “It is an exceptionally well thought out project that will benefit the community in its execution and connectivity being immediately adjacent to the Metrorail. Not without its challenges, we had to work to find a lender to lead the transaction that was comfortable with a long term ground lease provided by the county and understood that while there was a significant amount of apartment supply in the area, this project was clearly differentiated in its location, amenity, ownership structure and execution.”
13th Floor Investments and Adler Group purchased a ground lease for the 0.87-acre development site next to the Miami Metrorail Dadeland North Station and Dadeland Station in 2014 from Miami-Dade County. Plans for the transit-oriented development call for luxury amenities and Downtown Miami and Biscayne Bay views.
The Dadeland area is heating up from both a capital investment and acquisitions standpoint. A 0.9-acre development site directly across from Dadeland Mall in Miami's Kendall neighborhood has traded hands. The sale price was $10.3 million.
“The Dadeland submarket has proven to be one of South Florida's most exciting urban nodes of development,” HFF associate director Maurice Habif tells GlobeSt.com. “With immediate access to some of the area's most desirable employment and lifestyle destinations, the site enjoys an ideal location within the neighborhood.”
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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