CitizenM is coming to South Beach after the Dutch hotel group purchased the hotel portion of Crescent Height’s 1212 Lincoln at the junction of Lincoln Road and Alton Road in South Beach. CitizenM paid $9 million for the 50 room hotel which is a part of the 1212 Lincoln mixed-use project which also includes over 70,000 SF of retail and 400 parking spaces.
Read More
Turnberry Associates & LeFrak Close on $101 Million in Financing for SoLeMia in North Miami
Oleta Partners LLC, a partnership between real estate bigwigs LeFrak and Turnberry Associates, has secured a $101 million HUD-insured loan from Wells Fargo for their North Miami development SoLeMia. SoLeMia will ultimately be a 183-acre master-planned community around a 10-acre lagoon with beaches.
Read More
The Related Group Pays off $160 Million Construction Loan for Brickell Heights Less Than 60 Days After Project Opening
The Related Group has paid off a $160 million construction loan for Brickell Heights less than 60 days after the grand opening of the project. The twin tower, 690-unit towers were 100% sold out and are already nearly 50% closed since the June 7 opening (2017). The $160 million loan was issued by Wells Fargo Bank in April 2015 and is The Related Group’s second loan pay-off in the last year.
“The speed at which we paid off this loan is further validation of our effort to finance these projects in a responsible manner,” said Ben Gerber, Vice President of Finance for The Related Group. “It also speaks to the strength of the Related brand and the South Florida condo market as a whole.”
“Closing is easy after buyers see that today’s Brickell matches up to what they saw in renderings a few years ago. They bought into a walkable, metropolitan downtown lifestyle, and now they’re excited to start living it. We look forward to delivering SLS LUX in the winter and completing our vision for South Miami Avenue.” said Carlos Rosso, President of The Condominium Development Division of The Related Group.
The 47-and 49-story towers were designed by globally acclaimed architectural firm Arquitectonica and interiors by David Rockwell of the Rockwell Group. Amenities include a state-of-the-art fitness center, men's & women's spas, each building has a lounge room, curated art throughout, 4 swimming pools and a garden. The property will also feature a 30,000 SF Equinox Club, as well as a 6,000 SF SoulCycle studio. Brickell Heights marks the third Related Group project to open on South Miami Avenue, following SLS Brickell Hotel & Residences and 1100 Millecento. Photos via TAMZ.