Barrington Brothers to Build Miami Rental With $60M From Trez Capital
The Barrington Brothers landed $60 million from Trez Capital to build a rental project in Miami.
The Kavista will feature 282 units, ranging from one- to three-bedroom apartments, as well as 351 parking slots and a pool deck.
The eight-story development, located at 495 NE 83rd Street, is located a block from Biscayne Boulevard in the emerging El Portal neighborhood, just east of Little River, another up-and-coming district.
El Portal — mostly composed of single-family homes as well as two- and three-stories apartment buildings — has long resisted tall developments. Miami-based Barrington Brothers worked with the local government to increase density and height limits, setting the stage for other projects in El Portal.
The developer bought the 1.8-acre site for $1.2 million in 2013, per property records. Construction is scheduled to begin next month with no end date slated, according to a spokesperson for the lender.
Trez Capital’s Ben Jacobson originated the two-and-half-year construction loan. JLL’s Melissa Rose and Michael DiCosimo represented The Barrington Brothers.
The developer, led by Arthur and Ken Barrington, specializes in South Florida multifamily projects, worth up to $75 million. They developed the nearby Corridor Apartments complex, which opened in 2018.
For Trez Capital, the loan to Barrington Brothers is yet another deal to fund construction outside of Miami’s central districts. Last year, it supplied $78 million for one of Neology Life‘s projects in Allapattah and $64.7 million to Royal Palm Companies for its development in Dania Beach.
Julia Echikson can be reached at Jechikson@commercialobserver.com.