Miami-based developer The Estate Cos. has secured a $36 million construction loan for Soleste Spring Gardens, an eight-story, 240-unit multifamily property in Miami’s Spring Garden district. The lender was Bank OZK.
Located at 1033 Spring Garden Rd., the project will consist of studio, one- and two-bedroom units ranging from 400 to 1,100 square feet. Amenities will include a resort-style pool with sun deck and private cabanas, outdoor kitchen and bar, dog park, pet spa, yoga lawn and electric car charging stations.
“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, principal at 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 entire team worked tirelessly to get this project financed in record time.”
A team from JLL secured the financing on behalf of The Estate Cos.
Connect Florida Commercial Real Estate News. September 2020.