EIG obtains $36M construction loan to build apartments in Miami's Spring Gardens neighborhood
Soleste Spring Gardens in Miami would have 240 apartments.
The Estate Cos., part of Estate Investment Group (EIG), obtained a $36 million construction loan to build apartments in Miami's Spring Gardens neighborhood.
Bank OZK awarded the mortgage to the Miami-based developer for the 1.06-acre site at 1033 Spring Garden Road. It’s just south of State Road 836/Dolphin Expressway and near the Miami Health District, which has major hospital employers.
The eight-story Soleste Spring Gardens would have 240 units. They would range from 400 to 1,100 square feet. Amenities would include a resort-style pool with cabanas, a fitness center, pet spa, dog park, outdoor kitchen and bar, yoga lawn, and electric car-charging stations.
The loan was arranged by JLL's Brian Gaswirth, Chris Drew, Michael DiCosimo, and Alec Carreras.
“Soleste Spring Gardens represents a major investment in the historic Spring Gardens District, an area we have been extremely bullish on for quite some time,” said Jeffrey Ardizon, a principal of the Estate Cos. “We have a strong track record of strengthening neighborhoods by offering luxury rentals at an attainable price point. I take my hat off to Bank OZK, along with all of our partners, for their continued commitment and confidence in our business plan.”
The developer, which is acting as general contractor, expects to complete the project in the first quarter of 2022. Soleste Spring Gardens was designed by Caymares Martin Architectural and Engineering Design.
The developer acquired the property for $3 million in 2019.
South Florida Business Journal. 2020.