Aria, Largo and Place Projects Repay $77 Million Construction Loan for 2200 Brickell

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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Terra Breaks Ground on THE WELL Coconut Grove After Locking Down $410 Million Construction Loan

A joint venture between Terra, one of South Florida’s leading real estate development firms, and partner AB Asset Management has broken ground on THE WELL Coconut Grove, a transformative mixed-use residential development in Miami’s Coconut Grove neighborhood, with a $410 million construction loan from TYKO Capital. The financing, which provides full development funding for the project, marks the largest construction loan closed in Coconut Grove’s history. Walker & Dunlop represented the development team in the transaction.

“This construction financing and groundbreaking marks significant milestones for both Terra and THE WELL as we expand our wellness-focused residential and hospitality footprint in one of Miami’s most vibrant neighborhoods,” said David Martin, CEO of Terra. “The strength of this financing underscores lender confidence in our vision for creating spaces that prioritize holistic living and community well-being.”

With over half of the building’s residences already pre-sold, THE WELL Coconut Grove appeals to individuals who view wellness as a foundational element of lifestyle rather than a convenience or trend. These are buyers who prioritize health, design, and community in equal measure - whether they’re seeking a primary residence or a thoughtfully designed second home. They tend to be purpose-driven professionals and creatives who value access to integrative wellness offerings, a meaningful sense of place, and a neighborhood that fosters both connection and retreat.

“Coconut Grove has always been home to me and I’ve watched the neighborhood evolve immensely over decades,” says Getzy Fellig, CoFounder of AB Asset Management. “When we look at projects like this, it’s essential that development enhances the community rather than diminishing it. The Grove has a unique sense of charm and conviviality that needs to be protected, especially as Miami continues to grow. Partnering with Terra reflects our shared belief that thoughtful, community-driven development can benefit the neighborhood while prioritizing what makes it a true sanctuary within the city.”

Opening in Q4 2028, THE WELL Coconut Grove represents the next chapter in Terra and THE WELL’s collaboration, bringing together 194 residences across eight stories with holistic wellness amenities, office and club components, and retail experiences designed around the principles of mindful living. Designed by Arquitectonica with interiors by Meyer Davis, the project will integrate biophilic design, natural materials, and advanced sustainability measures to achieve a Florida Green Building Design Silver Certification.

The property offers one- to four-bedroom residences from 960 - 4,200 square feet, with prices starting at $1.5 million. The residences at this landmark building embody unparalleled craftsmanship and thoughtful design, offering a lifestyle of luxury and wellness. Amidst the entirety of the project, every detail reflects the commitment to creating a masterpiece that redefines luxury living.

Terra has been thoughtfully enhancing Coconut Grove for decades, contributing to the neighborhood's unique charm and appeal with several landmark developments including the Bjarke Ingels-designed Grove at Grand Bay towers; the Rem Koolhaas/OMA-designed Park Grove towers; the Touzet Studio-designed Mary Street office and retail complex; the Arquitectonica-designed Mr. C Residences; and Grove Central, a transit-oriented residential and retail development that integrates with Miami’s Metrorail system.

As Miami’s most historic enclave, Coconut Grove boasts a vibrant legacy of community and culture. The addition of THE WELL will further enrich the neighborhood, introducing a wellness club designed as a hub where locals can come together, foster connections, and prioritize their well-being.

Residences at THE WELL Coconut Grove are designed to nurture and restore. Each unit features spacious private balconies, natural light-filled spaces and Italkraft Italian cabinetry. Kitchens are equipped with Kraus Kore™ sinks, quartzite countertops and premium appliances by Sub-Zero and Wolf, enhancing both functionality and aesthetic appeal.

Select units include dedicated Wellness Dens for meditation, workouts and massages. THE WELL practitioner team has curated custom wellness packages available to enhance in-home experiences, such as The Longevity Den, The Mindful Den, The Mobility Den, and THE WELL Office.

Exclusive Amenities to Support a Balanced Lifestyle THE WELL Coconut Grove offers an extensive array of amenities that cater to a balanced, wellness-focused lifestyle:

• 40,000-square-foot Rooftop Wellness Oasis: Features a private resident swimming pool, hot and cold plunges, cabanas and a pickleball court, all set within lush tropical landscaping.

• 13,000-square-foot State-of-the-Art Wellness Center: This space includes a communal bathhouse, crystal cave relaxation lounges, hyperbaric chamber and Vitality Lounge, physical therapy and functional medicine practices.

• Unique Social Spaces: Residents can unwind at the aperitif bar, enjoy the tea garden, or explore the Conservatory, which provides indoor/outdoor seating and a calm environment for coworking and IV therapy.

• Personalized Wellness Services: Exclusive offerings include bi-annual health coaching sessions, curated events and preferred pricing on wellness treatments.

Residents also have access to the latest wellness technologies through THE WELL Locker, which features items like Theraguns, infrared blankets and lymph boots.

THE WELL Coconut Grove is designed with environmental mindfulness at its core, achieving a Florida Green Building Design Silver Certification. The collaboration between Terra, Arquitectonica and Meyer Davis reflects a shared vision for sustainable luxury that enhances both the environment and resident wellness.

Images via Terra

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Bayview PACE Provides $200 Million in C-PACE Financing for Florida’s Second-Tallest High-Rise, Okan Tower in Miami, Among the Largest Loans in the Country

Bayview PACE, a division of Bayview Commercial Mortgage Finance, has closed on $200 million in C-PACE financing for Okan Tower, a 72-story mixed-use high-rise being developed by Okan Group and designed by Behar Font & Partners. Having reached its 40th floor, more than halfway toward completion, Okan Tower at 555 N. Miami Ave. in downtown Miami will rise to 903 feet upon completion in 2028, becoming the second-tallest building in Florida.

Bayview PACE’s Commercial Property-Assessed Clean Energy (C-PACE) financing offers favorable and cost-effective terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components, and it can be applied to new construction as well as renovations. C-PACE financings to date in the U.S. exceed well over $10 billion, according to the C-PACE Alliance. It has been approved through legislation in 40 states, gaining popularity among real estate owners and the financial institutions looking to serve them.

The C-PACE financing from Coral Gables, FL-based Bayview PACE completes the capital stack of financing for the new luxury skyscraper. The uppermost floors of Okan Tower include 163 luxury condo residences – branded as Sky Residences -- that will offer a new level of design, amenities and expansive views for the South Florida market. Just below the private residences will be 236 condo-hotel units available for sale and managed by Hilton. Below the condo-hotel homes will be a 316-key five-star Hilton hotel. The Okan Tower’s lower levels will offer four floors of office space totaling 56,000 square feet of space.

The Sky Residences’ high-end amenities feature a 24-hour concierge, rooftop pool and outdoor lounge area with private cabanas, wine cellar, owners lounge, a spa including sauna, steam, and massage rooms, and a 429-space on-site parking garage. Sales of the Sky Residences and condo-hotel units are well underway led by Fortune International Group.

“We are pleased to provide this C-PACE financing to help complete Okan Tower’s capital stack and support Okan Group’s objectives,” said Jeff Klar, Vice President of Bayview PACE. “Bayview crafted a creative financing solution that was accretive to the sponsor’s goals and aligned with the project’s construction timeline. This nine-figure C-PACE transaction underscores both Bayview’s structuring expertise and the financial strength of the broader Bayview platform.”

“The closing of Okan Tower’s $200 million C-PACE financing is a defining milestone that validates both the project and the strength of the Miami market. This level of lender commitment—particularly in today’s disciplined capital environment—confirms confidence in the capital stack, the long-term fundamentals, and the vision behind what will be one of Downtown Miami’s most spectacular and architecturally significant luxury towers. For buyers, this reinforces that the time to invest in Downtown Miami is now, while pricing, product, and global demand are aligning at an exceptional moment,” said Michael Sadov, Sales Director at Okan Tower.

Okan Group, a Turkish-based group of companies founded in 1972, is a leading multi-national firm active in healthcare, finance, food, textiles, tourism, energy, education and real estate including the development of dozens of projects around the world. One of the firm’s commercial property entities, Okan Construction, is the general contractor for Okan Tower.

Bayview PACE, a division of Bayview Commercial Mortgage Finance, LLC, provides creative financing solutions that combine C-PACE lending with construction and bridge capital. Unlike most PACE-only providers, Bayview PACE partners with commercial property owners and developers to deliver a full capital stack solution. Their OKAN Tower financing follows two other major Florida deals by Bayview PACE in recent months including $180 million in C-PACE for Domus Brickell Center and $137 million in C-PACE for the Westin Cocoa Beach Resort & Spa.

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Renderings via Okan Tower

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Mega Mixed-Use Development Wynwood Plaza Locks Down $215 Million Construction Loan

L&L Holding Company, Oak Row Equities and Shorenstein have locked down $215 million in construction financing for Wynwood Plaza, a mega mixed-use development on a 2.85-acre site in Miami’s Wynwood Arts District. Managing Director Scott Wadler and Vice President Michael Basinski of Berkadia South Florida secured the financing on behalf of the developers, a joint venture between L&L Holding Company, a vertically integrated real estate company based in New York, N.Y., Oak Row Equities (formerly Carpe Real Estate Partners), a real estate private equity and development company based in New York, N.Y., and Shorenstein, a real estate investment company based in San Francisco, Calif.

Bank OZK provided the three-year, floating-rate loan with two one-year extension options.

The developers acquired the site, a 15-parcel assemblage, in late 2021 for $53 million, after filing plans for a development that would deliver one million square feet of office, retail, residential and outdoor entertainment space. The project, which Gensler is designing, is slated to complete in 2024.

“Wynwood has emerged as one of Miami’s busiest submarkets, with tech, financial and creative firms flocking to the area and driving demand for office, retail and residential space to all-time highs,” said Wadler. “Wynwood Plaza is poised to be a monumental project anchoring this dynamic community, and we were fortunate to find a lender who recognized the Sponsor’s unique vision and capabilities to execute it.”

Located at 95 Northwest 29th Street, Wynwood Plaza will consist of approximately 509 luxury rental apartments, 275,000 square feet of Class A office space, 25,000 square feet of ground-floor retail space, a 20,000-square-foot open-air retail plaza, and a parking garage.

Kobi Karp-Designed Time Century Jewelry Center Secures $23.6 Million Construction Loan

Time Century Jewelry Center in Downtown Miami, led by real estate developer Yair Levy, has locked down a $23.6 million construction loan from City National Bank of Florida. The loan will fund phase 1 of the development which is scheduled to open in mid-2022. The construction crew is now working at installing a new HVAC system, building partition walls for the tenants, installing new plumbing and rewiring the electrical power system.

Time Century, formerly known as Metro Mall, is located at 1 NE First St. and spans 225,000 SF. The retail center is undergoing a $50 million renovation led by renowned architect Kobi Karp. With glass storefronts, soaring ceilings, elegant escalators and elevators, and state-of-the-art security, Time Century will be the first luxury high street retail property in Miami’s jewelry & diamond district.

Once completed, the jewelry center will offer four floors of luxury jewelry retail and wholesale space as well as four additional floors of offices. A large three-story atrium with newly designed escalators and computerized directories will seamlessly direct customers throughout all levels. Most tenants will have unobstructed signage viewable from the main floor. Customers will also benefit from Time Century’s valet parking service and the several newly-built public parking garages steps away from the building.

The wholesale retail space currently available ranges from 500 SF to 2,000 SF with rental rates ranging from $65 to $150 PSF.

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Turnberry Associates and LeFrak Organization Lock Down $32 Million Construction Loan For SoLé Mia

Turnberry Associates, led by Jackie Soffer, and the LeFrak Organization, led by Richard LeFrak, have locked down a $32 million construction loan for the 187-unit Villa Solé at the $4 billion SoLé Mia mixed use masterplan in North Miami. The loan was provided by JP Morgan Chase Bank. Villa Solé is a 187 unit, 6-story multifamily building designed by MSA Architects with interiors by KDS Interiors. The building topped off Q1 2021 and is expected to be delivered Fall 2021. The developers have also planned another 190-unit multifamily building Villa Laguna.

In March 2019 the first residential tower at SoLé Mia, The Shoreline, was delivered. The SoLé Mia masterplan includes 12 towers, 500,00 SF of retail and commercial space, a 225,000 SF University of Miami Health Center, all anchored around South Florida’s first 7-acre Crystal Lagoon, Laguna Solé, at the $4 billion, 184-acre master-planned community, SoLé Mia. SoLé Mia will ultimately be a 183-acre master-planned community with the entire development expected to take over 10 years to complete. In total SoLé Mia will feature 4,300 residential units, retail, entertainment and recreation.

The Estate Companies, Merrimac Ventures And Tricera Capital Secure $56 Million Construction Loan For Soleste Cityline Apartments

The Estate Companies, Merrimac Ventures and Tricera Capital have secured a $56 million construction loan for Soleste Cityline, a multifamily development planned in Dania Beach. The loan was provided by Synovus Bank and the development partnership plans to break ground by the end of Q1 2021. The 2.2-acre site was acquired in September 2020 for $8 million. The Estate Companies is a subsidiary of Estate Investments Group (EIG), Merrimac Ventures is led by Dev Motwani and Tricera Capital is led by Scott Sherman.

Soleste Cityline was designed by Caymares Martin. The development will be located at 4 N Federal Highway and will rise 8 stories featuring 340 apartments with 12,800 square feet of retail. Units will range from roughly 600 square foot studios to 1,200 square foot three-bedroom floor plans. Amenities will include a pool deck with grilling stations, fitness center, community room and private event space. Upon expected completion in 2023 the retail portion will be owned by Merrimac Ventures and Tricera Capital, both firms have been very active developing and acquiring retail properties in South Florida.

MG Developer Locks Down $16.5 Million In Equity Financing To Complete Coral Gables Luxury Townhome Projects

MG Developer, led by CEO Alirio Torrealba, has locked down $16.15 million in equity financing to complete two luxury townhome projects in Coral Gables, Biltmore Row and Althea Row. The projects are currently under construction after broking ground in February 2020. The financing was provided by PBVMF 23 LLC and was arranged by Jeffrey Donnelly and Dmitry Levkov of Colliers International South Florida.

The projects are being developed as part of MG Developer’s Biltmore Square, which features MG Developer nearby projects including apartment projects Biltmore Parc and the recently sold-out Beatrice Row. Biltmore Row features 10 townhome units and is located at 760 Valencia Ave. while Althea Row features 5 townhome units and is located at 735 Almeria Ave. Each townhome under development offers 4 bedroom floor plans and range from 4,514 to 5,524 square feet, featuring terraces, private loggias and luxurious finishes. Pricing starts just over $3 million per unit.

57 Ocean Condo Secures $58.5 Million Construction Loan from Bank OZK

Miami Beach’s 57 Ocean, a luxury seaside condominium located on Millionaire’s Row and developed by Multiplan Real Estate Asset Management, has announced that it has obtained a $58.5 million construction loan from Bank OZK, arranged by JLL Capital Markets. The financing will support the finalization of the 18-story project, which is already 50% complete and has reached the 11th floor this week. The 70-unit building is scheduled for completion in September of 2021. 

MultiplanREAM, founded by Brazilian developer Dr. José Isaac Peres, has invested approximately $150 million in cash into the project and has ensured that each benchmark has been efficiently met despite the current COVID-19 pandemic. MultiplanREAM and 57 Ocean’s exclusive residential brokerage, Fortune Development sales, have reported that in just 45 days, 11 units totaling $46 million have gone under contract (an average of 1.3 sales per week), and attribute the project’s success on its location, contemporary designs, and robust assemblage of amenities and services.

“57 Ocean is not only delivering a unique, healthful-living lifestyle for buyers but also providing another reassurance for their real estate investment,” said Marcelo Kingston, Managing Partner of MultiplanREAM.  “We are extremely proud to work with Bank OZK, the nation’s preeminent construction lender of marquee properties.  We have confirmed that we will top out this August and deliver the building in September 2021, as we had originally promoted.” 

The JLL Capital Markets debt placement team representing MultiplanREAM included Executive Managing Director Manny de Zárraga and Director Jesse Wright. The lending process began during the last week of March and lasted for 30 days, unlike the typical 90 that it normally takes.

“We are delighted to be working with MultiplanREAM in supporting the capitalization of this outstanding product,” said de Zárraga.  “This liquidity will enable the developer to pursue new opportunities that may emerge during moments of the current global crisis while expanding its footprint in the State of Florida.”

Designed by Bernardo Fort-Brescia of ARQUITECTONICA, with interiors by Brazilian designer, Patricia Anastassiadis of Anastassiadis Arquitetos, 57 Ocean will offer two to four-bedroom residences starting at $1.5 million, with sizes ranging from 1,200 to upwards of 3,600 square feet. Of 57 Ocean’s 70 units—which more than half of have been sold—10 Sky Residences start at $6.5 million, while its full-floor penthouse is priced at $35 million. Units will feature expansive terraces that stretch up to 12 feet deep, as well as contemporary Italian kitchens and baths by Poliform. To date, more than half of the units have sold to buyers from high-income tax states, including New York and California, as well as high-net-worth individuals from Latin America.

57 Ocean offers amenities such as a holistic spa with treatments by One Ocean Beauty, a wellness pavilion with a thermal suite and a relaxation and mediation area, as well as poolside treatment with cabanas, a state-of-the-art fitness center with top-of-the-line Mylsle training equipment by MyEquilibria, and an indoor Technogym fitness center. In addition to this, there will be a children’s activity room, 24-hour concierge services, pool and beachfront concessions and attendants, and direct access to the nearby Miami Beach Walk.

“The excitement surrounding this development continues to build among ultra-luxury homebuyers worldwide—a testament to MultiplanREAM’s tremendous vision and subsequent success,” said Edgardo Defortuna, CEO of Fortune Development Sales.  “We are now looking forward to the next big milestone—57 Ocean’s topping off later this summer.”

By Isabella Zimmermann | Images via DBOX

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Lennar Locks Down $44.8 Million Construction Loan For Wynwood Green

Lennar has locked down a $44.8 million construction loan for Wynwood Green, an 11-story, 189-unit residential rental apartment building which will also feature 17,000 SF of commercial space and 324 parking spaces. The loan was provided by Santander Bank. Wynwood Green will be located on a 1.26 acre site which was the former site of the popular food-truck and bar station at Wynwood Yard, 48, 56, 64, 70, 82, 90 and 98 NW 29th St. and 63 NW 28th street. Initial designs are by architecture firm Dorsky + Yue International. The site of Wynwood Green was sold to Lennar by David Lombardi of Lombardi Properties, who was one of the pioneers in the emergence of Wynwood.

The Miami-based publicly traded Lennar Corporation (LEN) is known as one of the largest homebuilders in the United States, but also retains ownership interests in 53 apartment communities. Wynwood Green would also be their first multifamily project within the city of Miami. Lennar Corporation is run by Executive Chairman Stuart Miller, whose father Leonard Miller was one of the founders in 1956. In 2019 Lennar was ranked 154th on the Fortune 500 and the company operates in 21 states.