$97 million financing was obtained for the construction of the two rental towers and a parking garage. 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.
The Brunetti Organization, a privately owned real estate investment and development firm got the loan.
A life company provided the 15-year, fixed-rate permanent construction loan with five years interest only.
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.
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