Clearline Real Estate is getting $94.5 million in funding to support the development of a multifamily tower called Excel Miami Apartments.
Centennial Bank is providing a $68.5 million loan to support the construction. The subordinate loan worth $26 million total, is being issued by Sunrise Realty Trust, Inc. and an unnamed affiliated entity. They are committing $13 million each.
Excel Miami, located in Miami’s Art & Entertainment District, aims to feature 427 apartments, with 214,183 rentable square feet in total. The breakdown will consist of a mix of studios, one bedroom, and two bedrooms. Plus, there will be 13 townhouse loft units. Excel Miami intends to offer what Sunrise describes as a "vibrant artistic culture of downtown Miami" mixed in with modern living. The property will include amenities such as a fitness room, a pool, a yoga deck, podcast suites, a screening room, and a co-working space. The tower is set to stand 24 stories.
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