The developers of the Biscayne Beach condo tower in Miami’s Edgewater neighborhood just paid off their $120 million construction loan.
Two Roads Development and New York-based GTIS Partners satisfied their mortgage for the 52-story, 391-unit building at 2900 Northeast Seventh Avenue, according to a press release. More than 250 units, or about 64 percent, have closed. The buildings is 99 percent sold, the developers said.
Blackstone Real Estate Debt Strategies provided the construction financing in August 2014. It was completed and recording closings by May of this year. Jim Harpel, Two Roads chairman and senior partner, said in the release that the developers paid the loan off ahead of schedule.
At this stage in the cycle, developers are beginning to pay off their construction financing – thanks in part to the 50 percent deposit structure – as they start delivering projects. The Related Group and Fortune International Group paid off their $102 million loan for Hyde Resort & Residences in Hollywood in March, and in December, Dezer Development announced it had paid off its $214 million construction loan for Porsche Design Tower in Sunny Isles Beach.
Biscayne Beach features a private beach club overlooking the bay, cabanas, a pool, restaurant and bar; a library and billiards room, summer kitchen and lounge area, gym and full service spa.
Thom Filicia of “Queer Eye for the Straight Guy” designed the interiors. Prices ranged from $400,000 to $9 million for one-, two- and three-bedroom condos, townhouse-style units and two-story upper penthouses with private pools and garden terraces. Two penthouses and a beach house unit are left, priced from about $1.6 million to $9.4 million. Cervera Real Estate handled sales for the project, which launched about four years ago.
More than a dozen residential projects are underway in Edgewater, including Elysee Miami, also by Two Roads, OKO Group’s Missoni Baia and the Related Group’s 11-acre Paraiso District. – Katherine Kallergis