Aria Development Group, Largo and Place Projects have fully repaid the $77 million construction loan that financed 2200 Brickell, closing out the Bank OZK senior debt as residents move into the five-story condominium on Brickell Avenue.
The development team announced the payoff October 6, confirming that Bank OZK had executed a satisfaction of mortgage. The milestone follows construction and delivery of the 103-residence building at 2200 Brickell Avenue.
Bank OZK committed the financing in October 2023. Arranged by The Aztec Group, the senior construction loan covered approximately half of the project’s total cost and carried a 36-month term at a floating rate of SOFR plus 4.00 percent. Its repayment completes the financing cycle for a project built on a 1.7-acre site in the southern portion of the Brickell neighborhood.
“Seeing residents move into a project while fully repaying our construction loan is a rewarding validation of that vision and the team that brought it to life,” said David Arditi, founding partner and president of Aria Miami.
Arditi described the financing as Aria’s fourth construction loan with Bank OZK. Largo and Place Projects have also borrowed from the lender on separate developments, bringing the three firms’ combined financings with the bank to six, according to the announcement.
Designed by Revuelta Architecture International with interiors by ODA, 2200 Brickell takes a lower-rise approach to a neighborhood better known for its condominium towers. Its five-story scale accommodates 103 homes alongside indoor wellness spaces and a one-acre rooftop amenity deck.
The rooftop includes a resort-style pool, pickleball court, quarter-mile walking track and outdoor recreation areas. Fitness, recovery and children’s spaces extend the amenity program throughout the building.
The financial milestone comes as the developers transition from construction to residential occupancy. OneWorld Properties, led by president and CEO Peggy Olin, is handling exclusive sales and marketing for the building’s final collection of residences.
Images courtesy of OneWorld Properties.
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Aria Development Group, Largo and Place Projects have repaid the $77 million Bank OZK construction loan for the 103-residence 2200 Brickell as residents move in.