Peachtree Group Lends $39M on Miami Condo Development
By Andrew Coen September 25, 2024 11:54 am
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South Florida developer Urbana Bueno has inked $38.5 million of construction financing to develop a condominium building in Miami’s Edgewater neighborhood, Commercial Observer has learned.
Peachtree Group provided the 30-month, floating-rate, first-mortgage loan on Urbana Bueno’s planned 138-unit Vida Edgewater Residences, slated for completion in 2026.
The borrower, an affiliate of Urbana Holdings, acquired the development site for the $100 million condo project at 410 NE 35th Terrace in early 2023 for $14 million. It was one of the last remaining parcels for development in Edgewater, a 1.7-mile neighborhood along Biscayne Bay’s western shore north of Downtown Miami.
“They have a lot of interest in the units and have a pretty decent amount of pre-sales already,” Nisu Mehta, senior vice president of commercial real estate at Peachtree Group, told CO. “They’re making pretty good traction on their whole business plan.”
Mehta noted that there is strong demand for condos in Miami following large population inflows in recent years and more corporations setting up shop in South Florida. He also sees strong interest from international investors in purchasing Miami condos, and noted that buyers will have an option at the Vida project to rent out their units to short-term visitors.
The nine-story building, designed by architect Kobi Karp, will include ground-floor retail and a rooftop restaurant and bar. Community amenities will feature a pool, cabanas, grilling stations, a fitness center and a coworking center.
Condo now for sale at Viva Edgewater range from $603,432 for a one-bedroom to $2.3 million for a three-bedroom, according to Zillow.
Officials at Miami-based Urbana Bueno did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
