Forth Development and MICL landed financing for their planned Botanic Residences development, a short-term rental-friendly condo in Miami.
The developers secured a $17 million construction loan for the 8-story, 51-unit project slated for 758 Northwest 2nd Street, according to a news release. Arixa Capital Advisors provided the financing, according to property records. JLL’s Max La Cava and Pier Barinci represented the developers in the transaction, which closed earlier this month, records show.
Designed by Carl Levin Architect + Design, Botanic Residences will have a rooftop pool, fitness center and co-working spaces, according to the release. The units will come fully furnished and allow for short-term rentals. La Cava said the project appealed to lenders because of its location in West Brickell.
“West Brickell offers a value proposition,” he said, noting the rapid price growth in Brickell proper.
La Cava described the buyer demographic for Botanic Residences as value-driven, and primarily investors and international buyers. He declined to comment on prices for the units.
Forth Development is based in Miami and led by Venezuelan civil engineers Ivanna Jimenez, Jesus Luongo and Fernando Murzi. MICL is based in Mumbai and helmed by chairman emeritus Parag Shah. The partners acquired the site for $2.2 million in 2021, property records show.
Construction is underway, according to published reports.
Brickell has emerged as a hub of short-term rental-friendly condo development in recent years.
In September, North Development, the partnership between Ricardo Dunin’s Oak Capital and Juan Carlos Tassara’s Edifica, landed a $220 million construction loan for their planned Domus Brickell Center, a 35-story, 579-unit short-term rental-friendly tower. Fortune International Group and Casa Tua are planning Ora by Casa Tua, a 76-story, 540-unit short-term rental tower in Brickell. Also in Brickell, Russell Galbut’s GFO Investments is planning the 32-story, 283-unit 14 Roc, another short-term rental project.
