Estate Cos. to build North Miami Beach apartments with $76M loan
The Estate Cos. will soon break ground on the Soleste NoMi Beach apartments in North Miami Beach after obtaining a $76 million construction loan.
Bank OZK awarded the mortgage to NoMi Beach Holdings LLC, an affiliate of the Estate Cos., for the 1.78-acre site at 16395 Biscayne Blvd. The developer said the project will break ground by the end of June.
The loan was brokered by Brian Gaswirth and Michael DiCosimo of JLL.
Totaling 685,957 square feet in 23 stories, Soleste NoMi Beach will have 367 apartments, 2,708 square feet of commercial space and 655 parking spaces. Amenities will include a pool deck, a waterfront promenade, a fitness center, a spa, a rooftop garden, and a coworking center.
Units will range from 700 to 1,300 square feet.
Form Group is the architect.
The site is on the south side of the Royal Glades Canal and just west of the Harbor condominium towers. It’s near Greynolds Park.
The developer acquired the property for $13.1 million.
The Estate Cos. is one of South Florida’s largest apartment developers, mostly under its Soleste brand. Rents continue increasing as more people move to the area.
South Florida Business Journal, May 2021