The developers of 501 First Residences have been issued a construction loan.
501 First is planned to include 448 luxury condos, without a parking garage.
Berkadia arranged the $80.924 million loan.
Managing Director Scott Wadler, Senior Managing Director Mitch Sinberg, Senior Director Matt Nihan and Senior Analyst Michael Basinski of Berkadia Miami secured the financing on behalf of Aria Development Group and AQARAT.
Financing was issued by Bank OZK, with 42-month interest only floating rate loan.
Demolition has already been completed at the site.
