The construction financing from Bank OZK will be used to build a 367-unit community in North Miami Beach.
The Estate Cos. has secured a $76 million construction loan for its latest luxury Miami-area community. JLL’s Brian Gaswirth and Michael DiCosimo brokered the construction financing for Soleste NoMi Beach between the developer and lender, Bank OZK.
The 23-story community is expected to break ground this quarter and will span 685,957 square feet. The luxury residential tower will offer 367 units in one-, two- and three-bedroom floorplans that range in size from approximately 700 to 1,300 square feet.
Soleste NoMi Beach’s units will be built with dual master suites, walk-in closets and private balconies while the community will have a pool, waterfront promenade, fitness center, spa, rooftop garden and co-working stations.
Soleste NoMi Beach will be constructed on a nearly 1.8-acre site located at 16395 Biscayne Blvd., that will also include 2,708 square feet of commercial space. The community will be located near Greynolds Park and will be a short drive from two Miami area shopping centers, Aventura Mall and Bal Harbour Shops. Situated in North Miami Beach, Soleste NoMi Beach will also be approximately 15 miles away from downtown Miami.
DEVELOPING THE SOLESTE BRAND
The Estate Cos.’ North Miami Beach project is the latest development in its Soleste brand of communities. The developer also began work on Soleste CityLine, a 340-unit community in Dania Beach, Fla., and Soleste Spring Gardens, a 240-unit community in Miami.
The Estate Cos. is also developing Soleste Grand Central, a 360-unit luxury community that’s located in an opportunity zone in downtown Miami. The 18-story community topped out in August 2020 after breaking ground in early 2019.
Multi-Housing News, May 2021.