Multifamily developer The Estate Cos. has secured a $76 million construction loan for Soleste NoMi Beach, a 685,957-square-foot, 23-story rental community in North Miami Beach.
Located at 16395 Biscayne Blvd., the community will consist of 367 units and 2,708 square feet of commercial space. Soleste NoMi Beach will be a highly-amenitized development with a vast collection of health and wellness offerings and social components, including but not limited to a resort-style pool with spacious sundeck, waterfront promenade, state-of-the-art fitness center, spa, rooftop garden and co-working stations. Tenants at the community will be able to select from a variety of one-, two- and three-bedroom units ranging in size from approximately 700-1,300 square feet.
Brian Gaswirth and Michael DiCosimo of JLL secured the financing on behalf of The Estate Cos. through lender Bank OZK. Groundbreaking is slated to begin this quarter.
Connect CRE News, May 2021.