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
13 days ago

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

Anonymous
13 days ago

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

Antennae
13 days ago

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

Anonymous
13 days ago

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

Anonymous
13 days ago

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

thinking out load
13 days ago

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

Anonymous
13 days ago

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

Anonymous
13 days ago

MDC is a great school

Dan marino
12 days ago

Pero las chicas en la escuela!!!!

Anonymous
9 days ago

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

Anonymous
13 days ago

Interest only floating loan…ouch

Do It For A Living
13 days ago

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

Anonymous
13 days ago

Looks like the typical Vancouver tower in a goog way.

Anonymous
13 days ago

Typo….good way.

New Anonymous
13 days 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
13 days 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
13 days ago

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

Anon
13 days ago

The ignorance….

Nick
13 days ago

.. but you can’t own a car..LOL

Anonymous
13 days ago

Density baby!!

cyclops
12 days ago

in time for the downturn……

Downtown Vagabond
10 days ago

So when will they break ground?

Anonymous
11 days 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
9 days ago

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

badassf
9 days ago

Another Opera Tower mess