Casa Bella Residences by B&B Italia Locks Down $240 Million In Financing Following Groundbreaking

Related Group and partner Alta Developers have closed on $240 million in financing for the highly-anticipated residential tower, Casa Bella Residences by B&B Italia (Casa Bella), which broke ground earlier this month in Downtown Miami’s burgeoning Arts and Cultural District. The loan was provided by Cain International (Cain) — a privately held investment firm with over $16 billion in assets under management. The capital infusion will fund the construction of the 56-story Italian-inspired condominium tower, which is slated to reach completion in 2026.

“We’re proud to partner with Cain to bring Casa Bella Residences by B&B Italia to life,” said Nick Pérez, President of Related’s Condominium Division. “This collaboration underscores our commitment to creating an exceptional residential product that will enhance and elevate the surrounding neighborhood. The capital infusion strengthens our ability to deliver on this commitment, as we redefine the standard for design-driven living within one of Miami’s most in-demand residential destinations.”

Located at 1400 Biscayne Boulevard, Casa Bella represents the first residential partnership for the famed Italian design house, B&B Italia, known around the world for its high-end collaborations with legacy brands such as Rolex, Hermès, and Rolls-Royce. With architecture by Arquitectonica and interiors by renowned designer Piero Lissoni — who also serves as creative director for B&B Italia — and the B&B Italia team, every aspect of the building is envisioned as an oasis, offering a refined Miami aesthetic rooted in contemporary Italian design.

The transaction builds upon Cain’s existing investments in Miami which include 830 Brickell, Una Residences and The Delano. Cain has originated over $7.5 billion in loans globally since its founding in 2014 and has committed over $2 billion in new loans throughout the United States since 2019.

“This was an opportunity to build on the core principles that have guided our lending strategy to date; working with outstanding sponsors to deliver exceptional assets in markets we believe in,” said Matthew Rosenfeld, Head of U.S. Debt at Cain International. “We are thrilled to be partnering with Related as they continue to shape the future of this leading global city.”

Newmark arranged the transaction with a Debt and Structured Finance team led by Co-Presidents Jordan Roeschlaub and Dustin Stolly alongside Executive Managing Director Nick Scribani, and Holden Witkoff.

Over 80% of Casa Bella’s 319 residences are now in contract. Earlier this year, Casa Bella set a price record with a contract signed for a 5,893-square-foot triplex penthouse for $12.6 million, or $2,138 per square foot, signifying the neighborhood’s most expensive condominium sale on a price-per-square-foot basis.

The residences at Casa Bella range from one to four bedrooms and feature soaring ceilings, sweeping views, private elevator access, state-of-the-art kitchens with Sub-Zero and Wolf appliances, and an exquisite selection of European fixtures hand-picked by the B&B Italia team. Casa Bella’s Penthouse Collection comprises 10 meticulously designed homes with seven distinct floor plans, the crown jewel of which is a pair of 54th-floor triplex residences with private rooftop terraces, each featuring spa pools and indoor/outdoor summer kitchens with panoramic water views. The 54th floor is also home to two duplex penthouses, spanning 4,100 and 4,560 square feet.

To further elevate the luxurious lifestyle experience, Casa Bella offers two full floors of amenities complete with stunning vistas overlooking Biscayne Bay. Offerings include a spacious venue for hosting events, a wine vault and private tasting lounge, as well as a plush private theater and co-working spaces. A world-class wellness center caters to fitness-minded residents, featuring professional-level equipment, as well as dedicated yoga and spin rooms, while the spa facilities offer an array of on-demand services including massages, facials, blowouts, and manicure/pedicures.

Outdoors, landscape architect Enzo Enea envisioned a pool deck with lush Italian-inspired gardens to create an oasis within Downtown Miami. The 80-foot lap pool is surrounded by private cabanas and shaded lounge areas, as well as an open-air lawn for yoga and meditation. A poolside bar and Mediterranean café will have light bites and refreshments on offer. On the 56th floor, residents can access the tower’s rooftop pool and terrace, which is complete with a state-of-the-art observatory.

Fortune International Realty is the building’s exclusive sales and marketing agent with a sales team led by Olga Monson.

Alba Palm Beach Closes On $95 Millon Construction Loan

Miami-based BGI Capital, managed by Kenneth Baboun and Robert Barthelmess, have closed on a $95 million construction loan sourced in partnership with Wexcor Capital, a New York City-based real estate investment, management & advising firm, and financed by Kriss Capital, an New York City-based direct lender making construction and bridge loans on residential assets, to fund the completion of Alba Palm Beach.

As the only new development directly on the Intracoastal waterways in the emerging Northwood neighborhood of West Palm Beach, Alba Palm Beach is being developed by BGI Companies and Blue Road and is set to deliver a boutique collection of 55 luxury residences by 2025, including unique two- and three-story townhomes with unobstructed views. Starting prices begin at $3 million at Alba Palm Beach, which broke ground in August and is currently over 45% sold.

“We’re thrilled to announce the next step in Alba Palm Beach’s evolution with a construction loan of $95 million with a trusted lender like Kriss Capital,” said Kenneth Baboun, principal developer. “Following the momentum of Alba’s groundbreaking, this milestone puts us one step closer to successfully welcoming residents as we remain bullish on the development of West Palm Beach.”

About the loan, Wexcor Capital partner Ron Wexler said "Kriss Capital’s significant experience with condo development and deep understanding of flexible financing in times of market uncertainty set their team apart. We were pleased to partner with a best-in-class sponsor, BGI Capital & Blue Road Group, to deliver tailored financing for this development. Alba will be an excellent addition to West Palm Beach and I’m proud to have played a part in bringing it to life."

“At Kriss Capital, we get to evaluate hundreds of development projects each year and choose a select few to finance. Alba Palm Beach has all the components of a successful project that we look for including stunning design, a first-class development team, and an outstanding waterfront location,” said Jody Kriss, founder and principal of Kriss Capital.

Rosso Development, Standard International and Midtown Development Lock Down $45.045 Million Construction Loan For Standard Residences, Midtown Miami

Hospitality and real estate pioneers Rosso Development, Standard International and Midtown Development have closed on a $45,045,000 construction loan from Bank OZK for the highly anticipated The Standard Residences, Midtown Miami. A JLL Capital Markets Debt Advisory team, led by Managing Director Brian Gaswirth and Associate Jimmy Calvo, represented the developer. Nearly 90% of the residences are sold with construction at The Standard brand’s first residential concept already underway following groundbreaking in April 2023.

“Securing this loan is a testament to the strength of the project, our remarkable team and what we are building together,” said Carlos Rosso, Founder of Rosso Development. “We set out to bring a lifestyle concept with character and soul to Miami, and we are incredibly proud to see the excitement surrounding our vision. We look forward to delivering a one-of-a-kind product to our buyers.”

“The enthusiasm from buyers for The Standard Residences speaks to the power of The Standard brand and our exceptional partner, Rosso Development,” stated Amar Lalvani, Executive Chairman of Standard International. “This financing commitment allows us to take the project to the next phase.”

With Civic Construction as the general contractor and construction already underway, the first of its kind pied-à-terre-style building will rise 12 stories and deliver 228 residences with 34,000-square feet of thoughtfully imagined amenity spaces.

“Carlos Rosso has an incredible reputation for being one of the premier condo developers in South Florida through his distinguished career at The Related Group,” said JLL Capital Markets Managing Director Brian Gaswirth. “The Standard Residences is a defining stamp on his new journey and has been met with great success as represented by its strong presales and ability to attract Bank OZK as its lending partner.”

“Bank OZK is pleased to provide construction financing for The Standard Residences,” stated Greg Newman, Senior Managing Director of Originations at Bank OZK. “This best-in-class product backed by the strength of The Standard brand will be an excellent addition to Midtown Miami and we are excited to help bring it to life.”

Located at 3100 N.E. 1st Ave, the boutique building is nestled in the heart of Midtown–Miami’s most connected and walkable neighborhood. Centrally positioned between The Design District and Wynwood, the property is situated directly across the street from the recently opened Trader Joe’s and The Shops at Midtown, which features a variety of exciting food & beverage options and convenient retail. Tapping the industry’s best talents, The Standard Residences is crafted by internationally acclaimed architecture firm Arquitectonica, renowned interior designer Urban Robot in collaboration with The Standard’s award-winning in-house design team, and landscape designer Naturalficial.

Upon delivery, owners will enjoy the brand’s world-class design, amenities and service. Ranging from studios to two-bedroom layouts, the residences span 432-square feet to 965-square feet, with meticulously curated interiors that strike a perfect balance of style and functionality. Finishes include light wood plank tile flooring, gourmet kitchens with custom Italian cabinetry and Bosch appliances, while oversized bathrooms showcase stone vanities and double-suite rain showers. With an “anything but Standard” approach, the property will allow flexible living, enabling owners to lease out their units for terms as short as one month.

Community-minded amenities are crafted to embrace social engagement and include an expansive lobby, Café, and outdoor terrace. A lushly landscaped rooftop features a 60-foot resort-style sunset pool with a signature restaurant and bar reminiscent of the vibrant ambiance The Standard pioneered from Hollywood to Miami and London. Health and wellness offerings include an indoor pickleball court, a state-of-the-art sweat room and fitness center, an infrared sauna, yoga and stretch studios. A dedicated social floor features a karaoke bar and screening room, as well as fully equipped co-working spaces, zoom rooms and a private boardroom.

Completion of The Standard Residences, Midtown Miami is slated for the end of 2024. A limited selection of units remain starting at $499,900 and currently accepting only 30% down. Sales and marketing is exclusively managed by Douglas Elliman Development Marketing.

Renderings via The Standard Residences, Midtown Miami

Neology Life's No.17 Residences Allapattah Locks Down $31.456 Million Refinancing

Berkadia has secured a $31 million loan to refinance No.17 Residences Allapattah, a 192-unit attainable luxury apartment rental building in the Fruit Packing District of Allapattah. Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Associate Director Shannon Wilson of Berkadia South Florida secured the financing on behalf of Neology Life Development Group, a lifestyle-driven residential and commercial real estate firm, led by Lissette Calderon, that specializes in the transformation of overlooked and undervalued communities into vibrant urban neighborhoods. Fannie Mae originated the 10-year loan with five years of interest-only.

"Lissette Calderon and her company, Neology, have once again demonstrated their exceptional vision and expertise in transforming the Allapattah neighborhood with the refinancing of No.17 Residences. It's been a remarkable journey working alongside Neology Life on this project. Lissette Calderon's dedication to 'attainable luxury' and the development's success in the heart of Allapattah truly stand out, aligning perfectly with the community's needs.”

Located at 1569 NW 17th Avenue, No.17 Residences Allapattah was completed in April 2021 and leased up in record time. It offers one-, two-, and three-bedroom apartments ranging from 600 square feet to 1,125 square feet. Individual units feature smart home technology, open floor plan kitchens, stainless steel appliances, quartz countertops, washer and dryer, full-length windows, balconies, and walk-in closets. Building amenities include an expansive urban park, lobby lounge with co-working and social spaces, a TV lounge area, art-inspired pool deck, pool side cabanas, indoor/outdoor clubroom, fitness center, on-demand virtual fitness classes, a rooftop garden with a summer kitchen, an outdoor movie theater, bark park, bike storage, electric car charging stations, a zoom room, on-site parking, and 24-hour secure package rooms.

The property is situated in Miami’s centrally located Allapattah neighborhood, which is just a short walk, bike ride, drive or public transit trip from some of Miami’s largest employment centers, including the Health District, Civic/Government Center, Downtown Miami, Wynwood and the Brickell Financial district, and offers easy access to the Dolphin Expressway and I-95. As home to the flagship location of Superblue, the Rubell Museum and El Espacio, Allapattah has quickly become an important arts and culture destination.

2200 Brickell Secures $77 Million Construction Loan from Bank OZK

Aria Development Group, Largo and Place Projects have secured $77 million in construction financing for 2200 Brickell, a five-story luxury condominium development on Brickell’s lush Millionaire’s Row. The construction financing was provided by Bank OZK which was represented by King & Spalding. Hunton Andrews Kurth and The Aztec Group represented the developers. 2200 Brickell is slated to break ground in Q4 2023. Residences are priced from $1.2 million with One World Properties as the exclusive developer sales brokerage representing 2200 Brickell.

“We are thrilled to continue our partnership with Bank OZK to bring this amazing project to life,” said David Arditi, Managing Partner of Aria Development Group. “Brickell remains a top market within Miami’s luxury sector. 2200 Brickell will play an instrumental role in continuing Brickell’s success thanks to its focus on residential wellness, tailored amenities in a boutique setting. Together with our partners, we look forward to welcoming residents into an exciting building in this thriving neighborhood.”

Situated along Brickell’s historic Millionaire’s Row, 2200 Brickell offers two, three, and four-bedroom condominiums and garden villas ranging from 1,200 to 2,100 square feet. Designed by Revuelta Architecture International, with interiors by the award-winning team at ODA New York, it is meticulously crafted to enhance the quality of life for all who live there through a harmonious fusion of organic and geometric design. Additionally, 2200 Brickell is being designed as a WELL Certified building, meaning it adheres to the WELL Building Standard™. This standard is focused on ensuring the health and wellness of residents by creating a positive human experience centered around 10 core concepts ranging from light, movement, and nourishment to materials, mind, and community.

“Bank OZK is pleased to provide construction financing for 2200 Brickell,” stated Greg Newman, Senior Managing Director of Originations at Bank OZK. “Aria and its partners are developing a trophy asset that is destined to be one of the premier condominium developments in Miami. This combination of top-tier sponsorship, marquee asset and dominant location aligns perfectly with our real estate lending strategy.”

2200 Brickell will offer an array of amenities including its one-acre rooftop haven, a sun-drenched lush landscape of exquisitely elevated amenities. This one-of-a-kind rooftop space includes a resort-style pool and outdoor spa with pool-side cabanas, a pickleball court, a summer kitchen with multiple seating areas, an outdoor fitness area designed by HOMAGE Fitness, a children’s play area designed by Silver Hill Arts, and a quarter-mile walking track.

Indoors, additional amenities include a cycling lounge and workshop with bicycle storage, custom indoor children’s playroom designed by Silver Hill Arts, a world-class state-of-the-art fitness center designed by HOMAGE Fitness, a wellness lounge with a treatment room and sauna, dedicated work from home suites with a conference room, a resident lounge and entertaining space, Luxer One automated parcel storage featuring a contactless digital package delivery system with cold storage, and a double-height, 24-hour attended lobby. For further convenience, residents will enjoy above-ground parking on all levels with direct access to their residences, on-site valet parking, electric vehicle charging stations, and a covered porte-cochère.

Images via 2200 Brickell

FIRST ON PROFILE: Indian Creek Residences & Yacht Club in Bay Harbor Locks Down $29 Million Construction Loan

FIRST ON PROFILE: The New York and South Florida-based Landau Properties has closed on a construction loan for Indian Creek Residences & Yacht Club on Miami’s Bay Harbor Islands, a boutique residential property, which will include condominium residences and a private marina. Construction on the development is now underway and sales will formally launch this fall led by Official Partners which was founded by Oren and Tal Alexander of the Alexander Team.

Miami-based private real estate lender BridgeInvest originated the $29 million loan to finance the ground-up construction of Indian Creek Residences & Yacht Club. It is the firm’s most recent transaction in its flagship fund, BridgeInvest Specialty Credit Fund IV, which focuses on development, bridge and value-add lending throughout the U.S. Raffi Landau of Estreich and Company arranged the construction financing provided by BridgeInvest.

“We are pleased to have the confidence of BridgeInvest on this very special project that will offer an unparalleled opportunity on the Bay Harbor Islands,” said Jonathan Landau, Founder and CEO of Landau Properties. “We received strong lender interest for this project, and this financing package affirms our team's ability to create an incredible residential experience with a combination of an amazing waterfront location, service-oriented lifestyle and world-class design. BridgeInvest, a highly regarded lending institution in South Florida, proved to be the perfect partner given their established local presence and robust construction abilities. It was a pleasure getting to know the BridgeInvest team and working with them on this transaction. Indian Creek Residences & Yacht Club has already captured interest from today’s most discerning buyers, and we look forward to seeing the building come to life, with demolition now underway.”

“We are excited to finance a unique, design-forward, boutique project on one of the best developable waterfront lots in Bay Harbor Island,” said Alex Horn, BridgeInvest managing principal and founder. “Jonathan Landau and his team are already proving their abilities to leverage their decades of development experience as they embark on creating the Landau Properties brand. We wish them continued success."

Indian Creek Residences & Yacht Club, which Landau Properties acquired the site for in 2022, will bring nine luxury condominium homes and six private yacht slips. The boutique building provides one of the only private yacht clubs in the area, as well as a sought-after opportunity to overlook the coveted Indian Creek Island. The waterfront development is being designed by Kobi Karp with interiors by Linda Zarifi of Zarifi Design.

Renderings via Landau Properties

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SHVO Locks Down $190 Million In Financing For The Raleigh Hotel & Residences, Miami Beach

SHVO, the ultra-luxury real estate development and investment firm led by Michael Shvo, has secured $190 million in new financing for The Raleigh Hotel & Residences, Miami Beach, a significant milestone in the next chapter of the iconic art-deco storied property. The loan, provided by BH3 Debt Opportunity Fund II, L.P. led by BH3 Management through its opportunistic credit platform, and facilitated by Walker & Dunlop's New York Capital Markets team, closed earlier this week. Construction is well underway and the property is on-track to open in 2026.

With a total investment of approximately $1 billion, including a substantial equity contribution of over $300 million, the restoration and expansion of The Raleigh by SHVO, in partnership with Deutsche Finance America and a group of German institutional pension funds,represents one of the single largest investments in Miami Beach and serves as a testament to SHVO’s commitment to bringing world-class design and architecture to the city.

Located on 1775 Collins Avenue and situated on an unprecedented three-acre oceanfront parcel, the return of The Raleigh will redefine Miami Beach's historic Art Deco district. The design, helmed by acclaimed architect Peter Marino in collaboration with Miami-based Kobi Karp Architecture, will feature a 60-suite full-service hotel managed by Rosewood Hotels & Resorts, a separate 17-story oceanfront tower with 42 Rosewood-branded residences, and a private member’s club with Michelin-starred dining concepts.

“As we proceed with our meticulous restoration of The Raleigh, we continue to be inspired by its legacy of elegance, glamour and sophistication,” said Michael Shvo, Chairman and CEO of SHVO. “Our new financing will allow us to honor the historic significance of The Raleigh while ushering it into a new era of refined luxury, creating an unparalleled hospitality experience for generations to come.”

“BH3 is pleased to provide the financing for the first stage of construction for SHVO’s plan to restore and revive the iconic Raleigh property in Miami Beach,” said Gregory Freedman of BH3 Management. “Between SHVO’s track record of execution on other marquee luxury projects, the best-in-class team that has been assembled, including Rosewood and Peter Marino, and The Raleigh’s historic relevance and design, this will be a transformational project for Miami Beach.”

“This transaction underscores the reality that despite today’s challenging capital markets environment, liquidity remains readily available for proven sponsors determined to develop unique assets in established markets,” said Aaron Appel, Senior Managing Director and Co-Head of the New York Capital Markets team at Walker & Dunlop. “The collaboration between SHVO, Peter Marino and Rosewood Hotels & Resorts ensures that upon delivery, The Raleigh will be a truly market-defining project and a welcome addition to the rapidly changing landscape of Miami Beach.”

Inside 'An Exploration Into Capital Markets Coral Gables' Presented By PROFILEmiami & MG Developer

On Tuesday July 25, 2023 PROFILEmiami teamed-up with MG Developer to present ‘An Exploration into Capital Markets Coral Gables’, bringing an immersive panel and cocktail event exploring capital markets and real estate development in South Florida to the beautiful ‘Village at Coral Gables’ showroom. The relaxed and open setting featured cocktails courtesy of MG Developer and food from Coral Gables staple restaurant, Zucca, while attendees networked with industry leaders one of Miami’s hotbed neighborhoods for business and development.

The engaging panel featured keynote speakers Catie Naranjo, CDO at MG Developer; Scott Wadler of Berkadia, Melissa Tapanes, a partner at Bercow Radell Fernandez Larkin and Tapanes, PPLC; and Ayush Kapahi, Founder at HKS; moderated by Demetri Demascus of PROFILEmiami. Topics explored included current environment of capital markets, the difficulties behind financing projects in todays market, the process a developer undertakes to obtain financing, what lenders are looking for when financing a project and the regulations that surround financing.

The evening was attended by real estate leaders such as Alirio Torrealba, CEO of MG Developer; Daniel De La Vega, CEO of ONE Sotheby’s International Real Estate; Cullen Mahoney, Senior Development & Acquisitions Officer of Continuum Companies; and Danny Schwimmer, CIO of The Allen Morris Company, amongst others.

“It is very challenging right now from start to finish. A developer handles everything from site selection, to marketing, to handling the construction costs, you name it, their ultimate goal is to get to the sales. You have to get to the finish line. The way to do that is to get a project built and capitalized as quickly as possible; and the way to do that right now is to find a project that is able to be built.” Said Scott Wadler of Berkadia.

“Cost of construction has gone up, insurance costs are up 5X, interest rates, cost of capital, both on the debt and equity side, almost everything has kind of ticked up. Lucking in Florida rents and property values have kept pace with the increased costs.” Said Catie Naranjo, CDO at MG Developer.

“Ashe market ages and moves it wants to be behind someone who knows what they are doing. It is no longer a speculative game, whether it is for sale housing or even just rental, it is about execution. It is about getting things done as fast as possible, and it is about having the right team.” Said Ayush Kapahi of HKS.

Attendees also got to explore the stunning, state-of-the-art, showroom for The Village at Coral Gables featuring curated interiors and furnishings that were selected from RH (Restoration Hardware), which have proven their design leadership in the luxury lifestyle market. MG Developer, led by Alirio Torrealba, announced on July 5, 2023 that it has secured a $67.5 million construction loan from Churchill Real Estate to build the highly anticipated Village at Coral Gables development, with groundbreaking expected this July.

Witkoff Group and Monroe Capital Close On Record-Breaking Loan For Shore Club Private Collection

Witkoff Group, a Miami-based development and investment firm, and Monroe Capital, a premier asset management firm, have closed on a $430 million construction loan for Shore Club Private Collection, which is on track to be one of the fastest-selling luxury developments in Miami Beach’s history. Financed by J.P. Morgan, the loan is believed to be the largest for a residential construction project in South Florida. With two-thirds of inventory sold and sales already surpassing $550 million since its late January launch, Shore Club is readying to begin construction later this year for an expected completion in 2026.

“This record-breaking loan underscores the tremendous confidence the market has in Shore Club Private Collection,” said Alex Witkoff, Co-Chief Executive Officer of Witkoff Group. “The project has been leading luxury condominium sales in Miami since its launch, and we are setting a new standard in Miami Beach with prices per square foot consistently over $5,000 and the average home selling for more than $20 million. We’re thrilled to have reached these legendary milestones with such a prestigious investment partner as J.P. Morgan.”

Building on the rich history of Miami Beach’s Art Deco and modernism design style, while also fostering a seamless connection to its iconic location, Shore Club Private Collection will be home to 49 residences designed by award-winning New York-based firm, Robert A.M. Stern Architects. The architect is behind some of New York City’s most successful buildings, including 220 Central Park South and its predecessor, 15 Central Park West. Shore Club will be set on three oceanfront acres with lush botanical gardens curated by renowned landscape architect Nathan Browning of Island Planning Corporation.

The development is the first residential oceanfront project designed inside and out by Robert A.M. Stern and includes a ground-up new building, The Tower, a newly reimagined Art Deco building originally completed in 1939, The Cromwell House, and The Beach House, a signature single-family beach house. Each component relates architecturally yet is artistically distinctive, envisioned to maximize vistas and light with the curvature of each home to deliver a product that does not yet exist in the Miami market. The interiors further this vision, taking inspiration from yacht design and the patterns and movement of the ocean waves and sand on Miami’s coastline. RAMSA collaborated with Miami-based Kobi Karp Architecture & Interior Design on the architecture.

Rising 20 stories, the Tower features two- to six-bedroom residences ranging from 1,900 to more than 10,000 square feet with beautifully curved balconies, over 10-foot ceilings and floor-to-ceiling windows homes. Complete with private and semi-private elevators and private balconies, the Tower offers cinematic views of the Atlantic Ocean and sunsets. The eight-story historic Cromwell House will be preserved and reinvented as four premier residences, including three duplex residences and a penthouse. These homes will be four and five bedrooms featuring two-story great rooms with dramatic double-height ceilings, and the expansive full-floor penthouse. Finally, the Beach House will be the only private home on the oceanfront of Miami Beach and will span 6,000 square feet with three outdoor spaces totaling over 2,180 square feet.

The reinvention of the Shore Club Private Collection is a united vision in partnership with Auberge Resorts Collection. The residences will be serviced by Auberge but will offer privacy and seclusion within the five star resort. The collection of amenities and services exclusive to residents include a discreet porte cochere entrance, three separate swimming pools including a private residential pool, 75-foot lap pool and a leisure pool, state-of-the-art fitness center, library, lounge and other amenities. Auberge Resorts Collection’s one-of-a-kind reputation for intimate tailored service will also extend to the residences with numerous in-home offerings, as well as access to Auberge’s world-class spa, concierge services, housekeeping, beach club and culinary experiences, including in-residence dining, house sommelier services, a signature restaurant, poolside café and bar with dedicated cabana service, double-height café and bar leading to an outdoor lounge, and more.

Pricing at Shore Club Private Collection starts at approximately $6 million. Sales and marketing efforts for the project exclusively handled by Douglas Elliman Development Marketing.

Terra and Lion Development Group Acquire Midtown Development Site For $40 Million

A joint venture between leading Miami-based developers Terra, led by David Martin, and Michael Simkins’ Lion Development Group, has closed on the $40 million purchase of a prime 1.6-acre piece of property located at 3501 NE 1st Avenue in Miami. Plans call for an iconic luxury condominium tower designed by Miami-based architect Arquitectonica and international design studio Yabu Pushelberg set to rise at the nexus of Miami’s most in-demand neighborhoods, including the Design District, Midtown, Wynwood and Miami Beach. The joint venture has secured $30 million in financing from Metropolitan Commercial Bank, which will provide for the acquisition of the property and fund initial site development in advance of the project’s groundbreaking in 2024. Completion is estimated for 2026.

“Terra has long been committed to promoting design excellence and connectivity, so the opportunity to develop a tower at the gateway to the Design District, which has come alive as one of South Florida’s most walkable neighborhoods, is appealing. This tower will cater to residents who want to live steps away from world-class shopping, dining, and arts and entertainment – and minutes away from Miami Beach,” said David Martin, CEO of Terra.

“Here at Metropolitan Commercial Bank, we lend to best-in-class sponsors who are battle and time-tested experts in their asset class. We help them create and sustain generational wealth by understanding exactly how they create value, and by structuring our transactions to maximize this value creation. Terra has been on the front lines of reinvigorating some of the city’s most desirable neighborhoods for more than a decade now. We saw a great opportunity to help the firm acquire the last remaining undeveloped parcel in the Midtown Miami PUD. We are proud to add David Martin and Terra to our Florida sponsor roster,” said Manuel Vidal, Florida Market Manager for Metropolitan Commercial Bank.

Terra’s portfolio of luxury developments across South Florida includes Five Park, a 48-story residential tower rising at the entrance to Miami Beach; the two-tower Mr. C Residences Coconut Grove, which is nearing completion later this year; THE WELL Bay Harbor Islands, a wellness-focused mixed-use property planned for Miami’s Bay Harbor Islands with 54 luxury residences and 80,000 square feet of class A office space; and Villa Miami, a 55-story waterfront tower planned for Miami’s Edgewater neighborhood with roughly 50 full-floor residences.

Lion Development Group is led by Michael Simkins, one of the visionaries behind the E11EVEN brand and one of the largest property owners in Miami. Michael Simkins is leading the redevelopment of several distinct neighborhoods in South Florida and is currently developing E11EVEN Hotel & Residences, E11EVEN Residences Beyond and West Eleventh Residences.