Estate Investments Group secured a $51.3 million construction loan for Soleste Alameda, an apartment complex that will rise in West Miami.
Arkansas-based Centennial Bank and Miami-based LV Lending provided the mortgage to Miami-based EIG for the project at 6290 and 6320 S.W. Eighth St. The retail building and hotel on the 1.9-acre site will be demolished.
Soleste Alameda is slated for 306 units in two mid-rise buildings. Sized from 450 to 900 square feet, the apartments would have an average rent of $1,600.
Amenities in Soleste Alameda will include a pool deck with cabanas, fitness studio with yoga and spinning rooms, serenity garden, and a rooftop social activities deck.
Construction has started and should wrap up in early 2020.
This will be EIG’s fifth apartment complex developed in West Miami, which is just north of the more expensive Coral Gables and south of major jobs center of Miami International Airport.
“It’s been incredible to see the city grow and thrive at such an incredible pace,” EIG principal Robert Suris said. “We knew this area had potential from early on, but the response from residents and investors to each of the other projects have exceeded all expectations. It’s been incredible to play a role in the city’s evolution and Soleste Alameda will be the crowning gem.”
Other projects in EIG’s pipeline include the 338-unit Soleste Twenty2 in West Miami, the 330-unit Soleste Blue Lagoon in Miami, the 200-unit Soleste Bay Village in Palmetto Bay, the 350-unit Soleste Grand Central in downtown Miami, the 99-unit Soleste Park View in Miami, and the 251-unit Soleste Uptown in Miami’s Health District.