Bank OZK Lends $45M On Standard Residences Project in Midtown Miami
By Andrew Coen October 26, 2023 3:56 pm
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A new Standard Residences condominium project in Miami’s Midtown neighborhood can truly get off the ground, now that the developers have secured $45 million of construction financing from Bank OZK (OZK), the sponsorship announced Thursday.
Bank OZK provided the loan to the joint venture among Rosso Development, Standard International and Midtown Development. When finished, the 12-story Standard Residences will feature 228 residences.
“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,” Greg Newman, senior managing director of originations at Bank OZK, said in a statement.
JLL (JLL) arranged the transaction with a capital markets debt advisory team led by Brian Gaswirth and Jimmy Calvo.
Manhattan-based Standard International, which operates 19 hotels in the U.S., also has a Miami presence with the Standard Spa at 40 Island Avenue in Miami Beach.
Construction has commenced at 3100 NE First Avenue with completion slated for the end of 2024. The condos will range from 432 square feet to 965 square feet, and owners will have the option to to lease out their units as short-term rentals, for as little as one month. Community amenities will include a café, an outdoor terrace, a pool, an indoor pickleball court, a fitness center, a sauna and yoga studios.
A limited selection of units are now available starting at $499,000, according to the JV sponsorship.
Andrew Coen can be reached at acoen@commercialobserver.com
