448-Unit Downtown Miami Luxury Condo Tower Gets $81M Construction Loan

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.

 

 

25 Comments
most voted
newest oldest
Inline Feedbacks
View all comments
Downtowner
2 months ago

build them and they will come. Downtown is ripe for the next thing in Miami after Brickell and Wynwood booms

Anonymous
2 months ago

i love this project….just looks so great with all the glass and ground level reatil

Antennae
2 months ago

I think the best take away on this project is No Parking. Love it.
Maybe it encourages other developers

Anonymous
2 months ago

Downtown is perfect spot for garageless buildings, brightline, metro and all you need is right at your doorstep.

Anonymous
2 months ago

The more I look at this project the more I like it.

thinking out load
2 months ago

So, do you have to sign up for classes at Miami College to get free parking in the garage next door?

Anonymous
2 months ago

I’d rather park blocks away and walk than take a class at MDC if I could afford to live here.

Anonymous
2 months ago

MDC is a great school

Dan marino
2 months ago

Pero las chicas en la escuela!!!!

Anonymous
2 months ago

Seriously. Why do so many of you on here trash MDC? Did you fail a class there or something?

Anonymous
2 months ago

Interest only floating loan…ouch

Do It For A Living
2 months ago

That’s most construction loans. In this environment, you buy an interest rate cap and that manages your risk.

Anonymous
2 months ago

Looks like the typical Vancouver tower in a goog way.

Anonymous
2 months ago

Typo….good way.

New Anonymous
2 months ago

Vancouver towers are pretty. They are eco-friendly, modern, and make Downtown Vancouver more peasant to walk through with their townhouses and ground level retail.

Anonymous
2 months ago

Exactly, west brickell is the perfect spot for Vancouver style townhomes along SW 2nd Ave and SW 3rd Ave in west and south Brickell.

Hope developers snatch up what land is left while it’s available and turn it into townhomes with retail, they’d be worth a fortune and improve Brickell at large.

Anonymous
2 months ago

Most towers are pretty that aren’t Arquitectonica, Kobi Karp, or Stantec cigarette boxes.

Anon
2 months ago

The ignorance….

Nick
2 months ago

.. but you can’t own a car..LOL

Anonymous
2 months ago

Density baby!!

cyclops
2 months ago

in time for the downturn……

Downtown Vagabond
2 months ago

So when will they break ground?

Anonymous
2 months ago

We need more luxury housing in Brickell. People keep moving here and have few options for luxury housing in a walkable central area. They need more luxury housing in West Brickell.

claus
2 months ago

Another Airbnb bldg!
6000 units all the same with no clear rules…this will ruin downtown.

badassf
2 months ago

Another Opera Tower mess