MIAMI, FL - Berkadia announces it has secured $97 million in construction-to-permanent financing two new residential towers and structured parking in Sunny Isles Beach, Florida. The financing will be used to develop two 17-story, 128-unit residential towers – Las Marinas Apartments – next to an existing 336-unit, 16-story rental tower, Marina del Mar. The proceeds of the loan also cover construction of an 8-story, 860-space structured parking garage and new seawall.
Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office arranged the financing on behalf of sponsor The Brunetti Organization, a privately owned real estate investment and development firm.
A life company provided the 15-year, fixed-rate permanent construction loan with five years interest only.
“Las Marinas will deliver new high-end apartments to the Sunny Isles market, which is predominantly composed of luxury condos,” said Foschini. “A construction-to-permanent loan is one of the most unique executions within the capital markets. In one transaction, capital is provided that allows not only for the development of the towers but locks in an interest rate today for a project that will not be built and stable for several years from now. To achieve this in the middle of a pandemic required a Promethean effort from all parties on both sides of the transaction.”
Foschini added that the design/construction/legal team were instrumental in navigating these challenges, specifically: Jorge G. Vigil, attorney for the sponsor; Donald H. Dissinger, Principal, Ewing Cole; and Brad Meltzer, President, Plaza Construction.
Located at 100 Kings Point Drive in Sunny Isles Beach, the Las Marinas development is on an 8.6-acre site surrounded by the Intracoastal Waterway. The existing residential tower, Marina del Mar, was constructed in 1962. The first phase will involve upgrades to the existing tower, and construction of the parking garage and a seawall for each new apartment tower. Construction on the towers, slated to begin in July 2020 will take a total of 24 months. The towers will offer high-end finishes, an unparalleled amenity package, and walkable access to the beach coupled with Intracoastal views.