Estate Companies scored two construction loans totaling $170.8 million for residential projects in South Florida, property records show. The loans will finance the construction of apartments in North Miami Beach and Hollywood, part of a growing list of residential projects for the South Miami-based developer.
Estate Companies, in partnership with Westdale Capital, nabbed a $100 million construction loan for a 28-story tower with 363 rental units in North Miami Beach. U.S. Bank boosted a $33.8 million mortgage originated in 2021 by $66.2 million, bringing the total financing to $100 million, according to mortgage documents.
Called Soleste on the Bay, the project is at 16375 Biscayne Boulevard near Maule Lake, immediately south of another rental project that Estate is building. The South Miami-based developer assembled the 3.8-acre parcel, which will be home to both towers, between 2020 and 2021, paying $34.4 million.
Six miles up the road in Hollywood, Estate, led by Robert Suris and Jeffrey Ardizon, secured a $70.8 million construction loan from Nationwide Life Insurance Companies.
The financing will go to Soleste Hollywood Village North, a 12-story project at 2001 Van Buren Street that will feature 308 apartments and 384 parking spaces as well as an amenity deck with a pool, fitness center and shared offices.
Just like in North Miami Beach, Estate owns the neighboring site. Last year, city officials approved a rental project with 200 units. Together, the parcels span 2.4 acres. Estate assembled the land in 2021, paying nearly $15 million in total, per records.
The South Miami-based developer has yet another rental project underway in Hollywood, a town between Miami and Fort Lauderdale that has seen an uptick in development as rental rates have skyrocketed across South Florida since the start of the pandemic.
Last year, Estate obtained an $80 million construction for a 324-unit building near the Young Circle Park.
A representative for the company did not immediately respond to requests for comment.
Aug 2023. Commercial Observer.