Estate Companies Secures $64M for Resi Development in Rural South Florida
By Julia Echikson November 11, 2024 1:35 pm
reprints
The Estate Companies secured $64 million from TD Bank to build a multifamily, garden-style development in Homestead, Fla.
The construction loan covers the residential component of Soleste Midtown, a project that will feature six five-story buildings with 354 apartments in total. Units will range from 676 to 1,131 square feet with amenities including a 7,000-square-foot clubhouse, a resort-style pool and a children’s playground.
Construction will begin next month and is expected to be completed in the second quarter of 2026. James L. Fried of Sandstone Realty Advisors brokered the debt.
The Estate Companies’ joint venture partner, Midtown Group, will build the development’s 43,000-square-foot commercial component.
In May, the partners paid $14 million for nearly 21 acres at the southeast corner of Southwest 312th Street and Northeast 30th Avenue, about five miles west of the Homestead Air Reserve Base, from Baptist Health South Florida.
Since the pandemic, developers have migrated south to towns such as Homestead, which has long been a farming stronghold, in search of cheaper land. In July, the Alger family sold nearly 900 acres for a combined $121 million, including to D.R. Horton, a major home construction company.
Julia Echikson can be reached at jechikson@commercialobserver.com.
