Trinsic Residential Group’s Brian Tusa with 16955-17071 West Dixie Highway (Google Maps, Trinsic Residential)
Trinsic Residential Group scored a $99 million loan to build an apartment complex in North Miami Beach, making the developer the latest to bet on the city’s multifamily market.
The project will have 373 units and an eight-story garage on roughly 4 acres at 16955-17071 West Dixie Highway, according to Trinsic’s notice of construction commencement filed to Miami-Dade County last week. The nine-story complex, called Aura North Miami Beach, will include 17,000 square feet of retail.
TD Bank is providing the construction financing.
Trinsic assembled the five lots, which include retail buildings and surface parking, in March for roughly $18 million from an affiliate of North Miami Beach-based Macken Companies, records show.
Macken, led by Alan Macken, is a family company that also operates brokerage, planning and construction divisions. The firm is not entirely out of the North Miami Beach development, as it retained ownership of the commercial portion of the project, sources said.
In another North Miami Beach project, Macken is developing the 10-townhouse Koya Bay community at 4098 Northeast 167 Street in the city’s Eastern Shores neighborhood.
Trinsic, based in Dallas, is a multifamily developer and investor that has built or purchased over 20,000 units, according to its website. Brian Tusa is CEO.
Also under its Aura brand, Trinsic is building a 292-unit apartment complex with several one-, two- and three-story buildings at 2105 West Atlantic Avenue in Delray Beach.
The project is expected to be completed in the first quarter of next year, Trinsic’s website shows.
Its other South Florida developments include the eight-story, 322-unit Aura Boca at 789 West Yamato Road in Boca Raton, and the 250-unit Aura Seaside with two five-story buildings at 1400 South Dixie Highway in Lantana. Both projects are completed, Trinsic’s website shows.
Developers have zeroed in on North Miami Beach, largely focusing on apartment construction. BH group, based in Miami, wants to build a 30-story tower with 400 rental units at 2261 Northeast 164th Street.
The Estate Companies plans its second North Miami Beach apartment project, the 28-story, 363-unit Soleste on the Bay at 16375 Biscayne Boulevard. The property is immediately south of Estate’s Soleste NoMi project that is under construction.
