Bank Hapoalim Supplies $73M Construction Loan for North Miami Beach Condos
By Andrew Coen July 8, 2025 5:31 pm
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A joint venture between Fortune International Group and Blue Road has landed $73.27 million of construction financing to build a condominium tower in North Miami Beach backed in part by funding from the EB-5 visa program, Commercial Observer has learned.
Bank Hapoalim provided the loan for the sponsorship’s 16-story Nexo Residences condo project in North Miami Beach. The debt deal closed a few weeks after construction topped off using funds collected through condo sale deposits and EB-5 investors, according to Berkadia, which arranged the transaction.
The EB-5 investment program, which is designed to enable foreign investors to receive green cards in exchange for financing real estate projects in the U.S., returned in early 2022 after nearly a one-year gap during which changes were enacted.
Berkadia negotiated the financing with a team consisting of Scott Wadler, Michael Basinski, Bobby Dockerty, Mitch Sinberg, Brad Williamson and Matt Robbins.
“A trifecta of experienced sponsorship, high-quality product and great location generated significant interest from lenders,” Wadler said in a statement.
The planned 254-unit condo building is 90 percent presold, according to Berkadia. The Kast Construction-built development is slated for completion in 2027.
Located at 13899 Biscayne Boulevard, Nexo Residences will feature studio to three-bedroom condos priced starting at $599,000. Community amenities will include a lounge with a café, coworking spaces, a pool deck with a jacuzzi, a children’s playground, a private event area, an outdoor movie theater and a yoga studio.
“Securing this financing reaffirms the market’s confidence in both the product and the North Miami Beach submarket, where growth and demand continue to accelerate daily,” Edgardo Defortuna, CEO of Fortune International Group, said in a statement.
Officials at Bank Hapoalim and Blue Road did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
