UNCG Secures $25M Construction Loan For Condo-Hotel in Brickell
By Julia Echikson December 20, 2023 5:15 pm
reprints
Urban Network Capital Group (UNCG) and Vertical Developments have secured a $24.5 million construction loan from Rok Lending for a boutique condo-hotel development in Miami’s Brickell district.
Called Visions at Brickell Station, the eight-story project will feature 111 units at 1136 SW 3rd Avenue, two blocks west of the Brickell Metromover station. Amenities will include a spa, gym, event space, and a rooftop pool.
Construction is scheduled to end in 2025.
The development, which is estimated to cost $45 million in total, is geared towards investors. Under the condo-hotel ownership model, owners will be able to stay at their unit for up to 30 days. The rest of the time, a hotel management company will rent out the residences.
Prices start at $500,000 for the units, which will consist of studios, junior suites and one-bedroom units up to 539 square feet. Already half of the residences have sold, according to a spokesperson for UNCG.
This week, the Miami-based developer closed on the purchase of the 0.3-acre site, which faces the I-95, added the spokesperson, who did not provide the sale price. In March Robert Thorne, UNCG’s founder, told The Real Deal that the firm was under contract for $8.5 million.
Visions at Brickell Station marks the second project between UNCG and Vertical Developments. In Orlando, the joint venture is developing Visions Resort & Spa, a $170 million, master-planned resort, which broke ground last month.
Julia Echikson can be reached at jechikson@commercialobserver.com.
