Aria’s David Arditi with rendering of 501 Residences (Aria Enhancement Group, Getty)
An Aria Development Team joint undertaking landed an $80.9 million building personal loan for a downtown Miami condominium venture.
Bank OZK supplied the financing for 501 Residences, a planned 40-story tower with 448 condos that likely proprietors can lease as small-expression rentals, in accordance to a push launch. A Berkadia crew led by Scott Wadler and Mitch Sinberg arranged the financial loan for the task at 501 Northeast First Avenue.
Aria, led by principal David Arditi, teamed with Kuwaiti firm AQARAT to produce 501 Residences. The partnership not too long ago completed YotelPad Miami, a rental-lodge job that permits quick-phrase rentals, which faced yrs of hold off.
501 Residences will present a combine of studios and one particular- to two-bed room models ranging from 603 square ft to 1,000 square toes, the release states. Alongside with normal amenities, the condominium will have a personal rooftop film theater and co-working boardrooms with intelligent know-how. Costs array from $350,000 to $800,000.
In 2015, an Aria affiliate paid out $8.2 million for the development web-site, records display. In December, the affiliate paid off a $2.9 million Skilled Financial institution house loan. The joint enterprise demolished a two-story commercial constructing concluded in 1924, and expects to break ground at the end of the month, explained Aria Vice President Marco Ziff.
The venture is thoroughly sold out, but Aria has not finalized the building schedule, Ziff extra.
501 Residences joins much more than a half-dozen other residential jobs underneath progress in downtown Miami. About a block south, at 601 North Miami Avenue, Associated Team and Merrimac Ventures are setting up The Crosby, a 450-unit rental tower that will not have any rental restrictions.
Also nearby, Witkoff and Monroe Capital have proposed 3 towers on a approximately 5-acre web page at 601 North Miami Avenue. The improvement will have 540,000 sq. toes of office, 2,500 parking spaces and virtually 2,200 residential units. The joint enterprise has not specified if those models will be condos or apartments.
501 Residences is also in the vicinity of a a short while ago accomplished condo tower that was initially planned as a multifamily challenge. Produced by Residence Markets Group, The Elser Hotel & Residences is a 49-story creating with 646 models, 32,000 sq. ft of office place and roughly 5,000 square ft of retail room.
