13th Floor Lands $83M to Build Apartments Next Door to Big Easy Casino
By Julia Echikson August 13, 2024 12:42 pm
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13th Floor Investments secured $83 million to build apartments next to the Big Easy Casino in Hallandale Beach, Fla.
The construction loan from CIBC Bank USA covers Parks at Hallandale, a 398-unit, garden-style development at 2002 Pembroke Road, just west of the 271,288-square-foot casino facing Dixie Highway.
The MSA Architects-designed project will feature seven five-story buildings and 6,500 square feet of ground-floor retail. Ten percent of units will qualify as workforce housing, said a spokesperson for 13th Floor Investments.
The Miami-based developer purchased the 15.5-acre site for $18.5 million three years ago, according to property records.
Construction got underway this week and is expected to be completed in 2026. Berkadia’s Scott Wadler and Alec Fox arranged the preferred equity for the project, which was provided by Houston-based Marble Capital.
“Located at the confluence of Miami-Dade and Broward counties, the City of Hallandale Beach has emerged as a hub of dynamic growth in recent years, and this development underscores our commitment to meeting the escalating demand for quality housing in one of the region’s most coveted submarkets,” Arnaud Karsenti, managing partner of 13th Floor Investments, said in a statement.
13th Floor’s financing is the second major construction loan to close for a Hallandale Beach development in the past week. Developer Giuseppe Iadisernia secured $85 million to complete a condo tower and a parking garage at the Oasis Hallandale mixed-use development.
Julia Echikson can be reached at jechikson@commercialobserver.com.
