Short-Term Rental Condo in Brickell Lands $71M in Financing
By Jeff Ostrowski April 15, 2024 7:00 am
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The developer of a short-term rental project in Miami’s Brickell Financial District landed $70.6 million in financing to complete the construction, according to public records.
North Development is building the 12-story, 172-unit Domus Flats at Brickell Park at 1611 SW Second Avenue. The condo-hotel brand delivers units that are fully furnished. Once the building is completed in 2025, owners can live in the units or operate the apartments as short-term rentals.
Unit prices range from $500,000 to $1.2 million. The apartments are small, ranging from 300 to 979 square feet.
More than half of the residential units were sold before ground was broken on the project, according to the company. Domus Flats also includes a commercial suite on the ground floor and 22 for-sale storage units.
The financing includes a $54.6 million mortgage from Forman Capital of Boynton Beach, Fla. North Development also received a $16 million mezzanine loan from Core Capital.
Ben Jacobson, Scott Mehlman and Ty Regnier originated the loan on behalf of Forman Capital. The regional lender previously provided a $39 million loan for a condo in the Destin Beach region in the Florida Panhandle.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
