13th Floor Investments and its partners scored a $139 million refinancing for a 420-unit apartment complex in Delray Beach, amid a continuing lending flurry in South Florida.
Coconut Grove-based 13th Floor, Brickell-based Key International, West Palm Beach-based Wexford Real Estate Investors and Boca Raton-based CDS International completed the Savio apartment complex last year at 1874 Heron Club Drive, according to records. CIBC USA provided the loan, according to a Newmark news release.
Jordan Roeschlaub and Nick Scribani were part of the Newmark team that represented the developers.
Savio consists of three-story and five-story apartment buildings and rental townhomes. It offers studios, and one-bedroom to three-bedroom units, its website shows. Monthly rents range from $2,124 to $4,508.
Savio is offering would-be tenants up to six weeks free, according to its website. That’s consistent with landlords offering concessions to entice tenants amid an apartment supply overhang in South Florida.
The refinancing pays the balance of the $102 million construction loan the developers scored in 2022, also from CIBC, according to records.
Savio is part of the larger mixed-use master-planned Parks at Delray project that will span 50 acres on the southwest corner of South Congress Avenue and Old Germantown Road.
Construction of the second phase, consisting of the 327-unit Skye, is expected to start this year, the release says. The project also could include commercial space such as retail and dining and a 1.5-acre park, according to media reports.
The developers paid a combined $33 million for the Parks at Delray development assemblage in late 2018, including $20 million for the property for the project’s first phase.
13th Floor, led by Arnaud Karsenti, has developed some of Miami-Dade County’s marquee condo towers and more recently has focused on public-private partnerships to redevelop transit stations. In May, the firm and Barings scored a $125 million construction loan for the 35-story, 432-unit Cadence apartment tower at 13th Floor’s larger Link at Douglas mixed-use project adjacent to the Douglas Road Metrorail Station in Coconut Grove. 13th Floor leases the site from Miami-Dade.
The firm and the Ardid family’s Key International are frequent partners. In their latest planned project, the duo want to develop an 80-story condo tower behind First Miami Presbyterian Church at 609 Brickell Avenue in Miami’s Brickell.
Key International, led by brothers Inigo and Diego Ardid and started by their father, Jose Ardid, traces its roots in condo and hotel development and expanded to rentals. In 2023, it proposed the 51-story, 750,000-square-foot 848 Brickell office tower at 848 Brickell Avenue in Miami.
Wexford is led by Joseph Jacobs and Philip Braunstein, according to its website. CDS International is entrepreneur Carl DeSantis’ family office.
South Florida refinancings have continued, despite higher interest rates and some retrenching by lenders. This month, Crescent Heights scored a $238.4 million refinancing for the 40-story, 588-unit Forma Miami completed last year at 2900 Biscayne Boulevard in Miami’s Edgewater. Also this month, Resident Group scored $113.8 million to refinance its 32-story, 279-unit Metro Edgewater completed in 2023 at 452 Northeast 31st Street in Edgewater.
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