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Developer obtains $52M to break ground on 330 apartments in Miami

Estate Investments Group (EIG) obtained a $52 million construction loan to start building the Soleste Blue Lagoon apartments in Miami.

Weston-based Florida Community Bank (NYSE: FCB) awarded the mortgage to the Miami-based developer let by Robert Suris for the 2.2-acre site at 5479 and 5375 N.W. 7th St.

EIG affiliate 53 Blue Holdings acquired the site for $3.9 million in April. Blue Lagoon is located just south of Miami International Airport. It has mostly office buildings and hotels around a lake and is near the Dolphin Expressway/State Road 836.

Soleste Blue Lagoon would have 330 apartments, with units ranging from 400-square-foot studios to 1,000-square-foot units with three bedrooms. Prices would start in the low $1,300s. The developer said the project should be completed in summer 2019.

Amenities at Soleste Blue Lagoon would include a pool near the lake, a sun deck with cabanas, a beach with a sand volleyball court, a lounge, a fitness club and a rooftop serenity garden.

The architect of the eight-story project is Caymart Design.

“Our unmatched location, designs and amenity offerings are leading each of our properties to consistently over-perform,” Suris said. "We’re confident this positive trend will continue in the long-term, especially as the region’s growing base of well-educated young professionals drives demand for urban rental communities to new heights.”

Over the past 18 months, EIG and its development partners sold three recently completed apartment buildings in Miami-Dade County for a combined $177 million, including the sale of Soleste West Gables II. EIG’s development pipeline includes the 99-unit Soleste Park View, the 338-unit Soleste Twenty2, 306-unit Soleste Alameda, the 200-unit Soleste Bay Village and the 350-unit Soleste Grand Central.

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