Multifamily Mission in Historic Miami District Secures $36M Development Mortgage

Multifamily Project in Historic Miami District Secures $36M Construction Loan

The successful multi-family developer The Estate Cos. From South Florida, his new community in the historic Spring Garden neighborhood of Miami secured a construction loan of $ 36 million.

Estate based in South Miami last Wednesday received the loan from bank OZK based in Little Rock, Arkansas.

The eight-story Soleste Spring Gardens will have 240 units on 1.35 acres south of the Dolphin Expressway and northeast of the Miami River at 1033 Spring Garden Road between Seventh and 12th Avenues.

"Soleste Spring Gardens represents a significant investment in the historic Spring Garden District, an area where we have been extremely optimistic for a long time," said property manager Jeffrey Ardizon in a press release.

Spring Garden was designated a Historic District by the city in 1997 because of its archaeological and architectural importance to Miami. Germany-born Miami developer John Seybold was one of the early owners to develop the land in the early 1900s, according to Professor John Kneski who wrote the report on the historical designation.

The Spring Garden is bounded by the river, Northwest 11th Street Road and 12th Avenue east of Eighth Street Road and the Seybold Canal.

Soleste Spring Gardens offers studios as well as one- and two-bedroom units ranging in size from 400 to 1,100 square feet. Amenities include a pool with a sundeck and private cabanas, an outdoor kitchen and bar, a dog park, a pet spa, a lawn for yoga, and charging stations for electric cars. The project is expected to be completed in the first quarter of 2022.

Soleste Spring Gardens is another project near the Miami River that has been noticed by developers in recent years, especially given the demand for apartment buildings fueled by the Health District and the Civic Center, which is home to large hospitals and courthouses become.

The area is home to Jackson Memorial Hospital, the University of Miami Health System, Sylvester Comprehensive Cancer Center, Bascom Palmer Eye Institute, and the Miami, VA Health System. The health district employs around 30,000 people.

The community center includes the courthouse of the Richard E. Gerstein Justice Building, the prosecutor's office and a prison.

The Soleste Spring Gardens are located near the Culmer Metrorail Station. It's named after the neighborhood and Estate's Soleste multi-family brand, which extends to West Miami and Palmetto Bay. The 18-story Soleste Grand Central with 360 residential units in Miami's Overtown district has been rounded off and is due to be completed early next year.

Estate recently bought a closed Ramada hotel in Hialeah with redevelopment plans pending. Projects are planned in Dania Beach and North Miami Beach this year.

“We have a strong track record of empowering neighborhoods by offering luxury rentals at affordable prices. Together with all our partners, I take my hat off to Bank OZK because they continue to be committed to and trust our business plan, ”said Ardizon. "The entire team worked tirelessly to finance this project in record time."

Continue reading:

The Opportunity Zone project in Miami's Overtown raises $ 73 million in funding

Estate Investments advances Palmetto Bay project with $ 34 million loan

Estate Investments Group secures $ 57.8 million for additional West Miami apartments


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