New York Life Provides $97M Construction Loan on Miami Resi Towers
New York Life has provided $97 million in construction financing to The Brunetti Organization to help facilitate the firm’s development of a planned, two-building multifamily project outside of Miami called Las Marinas Apartments, according to information from real estate firm Berkadia, which arranged the financing.
The 15-year, permanent construction loan pays interest at a fixed-rate, with five years of interest only payments, according to Berkadia. It will cover the development of New Jersey-based Brunetti’s two towers in Sunny Isles Beach, just north of Miami, and it will also fund the development of an 8-story, 860-car parking garage and a new seawall. The two towers will each rise 17 stories and comprise 128 units.
Berkadia’s Charles Foschini and Christopher Apone, out of the firm’s Miami office, sourced and arranged the financing for Brunetti.
“Las Marinas will deliver new high-end apartments to the Sunny Isles market, which is predominantly composed of luxury condos,” Foschini said in a prepared statement. “A construction-to-permanent loan is one of the most unique executions within the capital markets. In one transaction, capital is provided that allows not only for the development of the towers but locks in an interest rate today for a project that will not be built and stable for several years from now. To achieve this in the middle of a pandemic required a Promethean effort from all parties on both sides of the transaction.”
The development — designed by architecture firm EwingCole — will rise on 8.6 acres at 100 Kings Point Drive in Sunny Isles Beach. According to Berkadia, Plaza Construction will build the asset. There is an existing tower on the site called Marina del Mar I that will be upgraded as part of the first phase of construction, which will also include the build out of the parking garage and the seawall. The work is slated to begin next month and will take about two years to complete.
The Brunetti Organization could not be reached. New York Life was not able to comment before publication.