Craig Robins’ Dacra and its partners landed a $125 million construction loan for a 107-unit apartment project in the Miami Design District.
The deal marks continued flow of financing for South Florida multifamily development, despite a slowdown of leasing and plateauing –– and even slightly declining rents –– compared with recent years’ bonanza.
Miami Design District Associates, Hunter Pasteur and The Forbes Company plan the 20-story Cassi at 91-93 Northeast 36th Street in Miami, according to a news release from the loan brokers.
Sean Reimer and Aaron Appel were part of the Walker & Dunlop team that represented the developers in the financing.
The Amerant Bank-led group of lenders includes Bank Hapoalim.
Cassi will offer one-bedroom to three-bedroom apartments, averaging at about 1,500 square feet, the release says. It also will have 23,000 square feet of retail.
Records show a notice of commencement was recorded this week, signifying the start of construction. Completion of Cassi is expected in 2027, a source said.
Miami Design District Associates –– a partnership among Robins’ Miami-based Dacra, Greenwich, Connecticut-based L Catterton Real Estate and New York-based Brookfield Properties –– developed luxury retail hub Miami Design District.
Hunter Pasteur is a luxury residential developer in Michigan, where it has completed more than 1,500 single-family homes and condos in the past two decades, according to its website. The Farmington Hills, Michigan-based firm was founded in 1999 and is led by Randy Wertheimer.
The Forbes Company, led by Nathan Forbes, is an owner, developer and manager of retail centers, according to its website. It lists offices in Palm Beach Gardens and Southfield, Michigan. Forbes’ South Florida properties include the Gardens Mall in Palm Beach Gardens.
Miami Design District, known for its cluster of restaurants and high-end brands such as Valentino and Saint Laurent, could grow into a residential district. Aside from Cassi, at least one other project is in the works.
In December, New York-based JEMB Realty affiliate Helm Equities proposed a 36-story tower with 162 branded condos and 116 apartments and a six-story building with 80,000 square feet of officesand 45,000 square feet of retail. The $500 million mixed-use project at 4201 Northeast Second Avenue would be under Florida’s Live Local Act, which allows for bigger buildings as long as some of the apartments are at below-market rents.
In other recent South Florida multifamily construction loans, Kushner Companies landed $115 million last month to build a three-story, 68-unit luxury apartment project at 9300 Collins Avenue in Surfside.
In Fort Lauderdale, Grover Corlew scored a $92 million construction loan this month for a seven-story, 312-unit apartment building at 6261 Northwest Sixth Way in Fort Lauderdale’s Cypress Creek.
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