Weiss Group of Companies has secured $21.3 million in bridge financing for the Kobi Karp-designed Towers at Blue Lagoon, which will replace a previous loan and fund predevelopment costs. Weiss Group has owned the 7-acre site located near Miami International Airport since the 1970s. In March 2019, their proposed rezoning to Miami city commissioners that would raise the development site’s maximum building height from eight stories to 12 stories was approved. Phase one of the mixed-use project will include a total of 829 multi-family units in two 184,000-square-foot buildings. Unit floor plans will include studio, one-, two-, and three- bedrooms. Future plans for the development include two 147-room hotels, parking spaces, affordable, market-rate and workforce housing, and improved roads and pedestrian walkways.
Weiss Group secured the loan from a Canadian private lender, according to the president of Eyzenberg & Co. Eyzenberg and Robert Ginsberg, managing director of Eyzenberg & Co., assisted in arranging the loan on behalf of Weiss Group.
By Isabella Zimmermann