Banesco Bank Provides $78M Construction Loan for South Florida Rental
By Julia Echikson December 24, 2024 11:34 am
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The Estate Companies has secured $78 million to build a rental building in Davie, Fla., the South Miami-based developer announced.
The financing from Banesco Bank will fund the first phase of Soleste Reserve, an eight-story property at 5079 SW 48th Street, facing Griffin Road, just east of the Florida Turnpike, a mile and half north of the Seminole Hard Rock Hotel & Casino.
The 256,109-square-foot development will feature 347 apartments, of which 15 percent will be priced as workforce housing, according to The Estate Companies. The ground floor will house 13 live-work units.
The project is expected to take about two years to complete. The Estate Companies purchased the 2.5-acre site for $6.9 million in 2022, according to property records.
Soleste Reserve’s second phase, which has yet to break ground across the street at 5081 SW 48th Street, is also set to be an eight-story multifamily building.
The Estate Companies, led by Robert Suris and Jeff Ardizon, is one of the largest multifamily developers in South Florida, having built 4,000 rental units.
In November, it secured a $64 million construction loan for 354-unit, garden-style development in Homestead. That month, it also refinanced a 340-unit property in Dania Beach with $75 million from Affinius Capital.
Julia Echikson can be reached at jechikson@commercialobserver.com.
