The Estate Companies has scored a $78 million construction loan for its South Florida multifamily, Soleste Reserve 1, according to a report from The Real Deal.

With the financing provided by Banesco USA, the funding adds to the $6.5 million it supplemented in 2022 when the developer first bought the property at 5079 Southwest 48th Street. Now that amount has been increased by $71.5 million.

With construction yet to begin, the eight-story building in Davie, Florida is set to feature 347 total apartments. The breakdown will consist of 165 one-bedrooms, 68 two-bedrooms, seven three-bedrooms, and 94 studios. The units will range from 500 to 1,100 square feet. Of the total, 52 will be set aside for workforce housing, which qualifies those making 80 to 120 percent of the median area income. Also, the ground floor will feature 13 live-work units. Construction for the development is expected to take roughly 24 months.