SoLé Mia obtains a loan of 32 million dollars for the construction of an apartment
The SoLé Mia multi-family and commercial project in North Miami has secured a $ 32 million construction loan for its second rental community.
Development duo Turnberry Associates, led by Jackie Soffer, and the LeFrak organization, led by Richard LeFrak, secured the funding through subsidiary SM Parcel A, according to a mortgage filing. JPMorgan Chase is the lender.
The loan is for the six-story, 187-unit Villa Solé, which peaked this month and is expected to be completed in October, according to a SoLé Mia spokesperson. Mid-rise will include one- and two-bedroom units with floor-to-ceiling windows, spa-style bathrooms, and expansive balconies.
It is designed by MSA Architects and KDS Interiors. Design Studio Boca is the landscaper.
The $ 4 billion SoLé Mia is a master plan project located at the southeast corner of Biscayne Boulevard and 151st Street northeast. The site includes a seven-acre man-made water feature for swimming, Crystal Lagoon; a one acre park; and residences with breathtaking views of Oleta River State Park At the South-East.
When completed, there will be 12 residential towers totaling 4,000 units. Villa Solé follows The Shoreline, a pair of 17-story buildings totaling 397 units. Construction began in March on the third tower, six-story Villa Laguna with 190 units, due for completion in September 2022, according to a press release.
Villa Solé and Villa Laguna will together have 25,000 square feet of retail space on the ground floor.
The entire project aims to bring an urban lifestyle to the sprawling 184-acre property where residents can swim in the lagoon or shop. The site includes 166,000 square feet of land Costco just west of the water and some of the development plots for residential buildings. The wholesale store has moved from its previous location near North Miami Beach.
This is the latest of several multi-family construction financings obtained in recent months. A partnership between Stiles Corp. and PGIM Real Estate in March marked a Loan of $ 64.2 million for a 315-unit Plantation Midtown Apartments at 1301-1303 Southwest 80th Terrace. The duo bought the site for $ 5.4 million while guaranteeing the loan.
A 43-unit multi-family project in Miami’s Little Havana in February received a $ 6.2 million construction loan. The six-story building is to rise at 2052 Southwest First Street.