Trinsic Breaks Ground on Rental in North Miami Beach After Nabbing $99M
Trinsic Residential Group secured $99 million to build a rental complex in North Miami Beach, property records show.
The development will feature 625,226 square feet of leasable space, including 373 rental units, 17,000 square feet of retail and an eight-story parking garage, according to documents filed to Miami-Dade County.
The Texas-based developer broke ground this week on the project — on the same day it closed on a construction loan from TD Bank.
In March, Trinsic Residential paid $18 million for the 3.7-acre site at 17071 W Dixie Highway, adjacent to Biscayne Boulevard and Maule Lake, according to records.
A representative for Trinsic Residential did not immediately respond to a request for comment.
Towns just north of Miami, including North Miami Beach, which consist of primarily single-family neighborhoods, are seeing a rush of multifamily development, thanks to skyrocketing housing costs in the region over the past two years.
Three miles south from Trinsic Residential’s project, Omega Real Estate Management is working on a similar multifamily development in North Miami after it nabbed a $100 million construction loan.
Near the North Miami Beach waterfront, Macken Companies secured $16.5 million to finish a luxury townhome complex last month.
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