A 25-story transit-oriented apartment project gets construction financing:
CBRE ARRANGES $51.3 MILLION FOR CONSTRUCTION OF
“MOTION AT DADELAND” RESIDENTIAL HIGH-RISE
Luxury transit-oriented development is a joint venture between 13th Floor Investments, The Adler Group, and Cornerstone Real Estate Advisers
Miami, FL – CBRE Capital Markets’ Debt & Structured Finance arranged $51.3 million in financing for the development of Motion at Dadeland, a 25-story luxury rental community in the Dadeland triangle of Miami, Florida. Upon its anticipated completion in 2018, the joint venture between 13th Floor Investments, The Adler Group and Cornerstone Real Estate Advisers will present more than 260,000 square feet of rentable space at 8832 SW 85th Street.
Charles Foschini and Christopher Apone of CBRE’s Miami, Florida, office arranged the construction loan from TD Bank at a floating rate for a three-year term.
“Motion at Dadeland was one of my more rewarding career deals. It is an exceptionally well thought out project that will benefit the community in its execution and connectivity being immediately adjacent to the Metrorail. Not without its challenges, we had to work to find a lender to lead the transaction that was comfortable with a long term ground lease provided by the county and understood that while there was a significant amount of apartment supply in the area, this project was clearly differentiated in its location, amenity, ownership structure and execution.” said Mr. Foschini, CBRE Vice Chairman of South Florida Markets.
13th Floor Investments and Adler Group purchased a ground lease for the 0.87 acre development site adjacent to the Miami Metrorail Dadeland North Station and Dadeland Station in 2014 from Miami-Dade County. Plans for the transit-oriented development call for luxury amenities and striking views of downtown Miami and Biscayne Bay, along with approximately 8,346 rentable square feet of ground floor retail and 411 parking spaces.
13th Floor Investments is a Miami-based alternative investment management firm that invests in value-add and opportunistic residential and commercial real estate transactions throughout Florida.
With more than 50 years of leasing, property management, acquisitions, investment, development and construction experience, Adler Group and its affiliates offer a seamless network of realty services designed to maximize the value and strength of real estate assets.
An affiliate of the MassMutual Financial Group, Cornerstone Real Estate Advisers is one of the largest diversified global real estate managers with more than $50 billion in assets managed or serviced.