Fortune International Group and Blue Road scored a $73.3 million construction loan for their planned Nexo Residences condos in North Miami Beach.
Tel Aviv-based Bank Hapoalim provided the financing, which was arranged by a Berkadia team led by Scott Wadler and Michael Basinski, according to a press release.
The 16-story, 254-unit project planned for 13899 Biscayne Boulevard is backed by EB-5 investors and will be short-term rental-friendly, the release shows. Edgardo Defortuna’s Fortune and Jorge Savloff’s Blue Road launched sales for the project in 2022, with Fortune Development Sales leading marketing for the project. It is now 90 percent presold, sales director Maria Elena Plasencia confirmed.
Units in the building range from studios to three-bedrooms, with prices starting at $599,000, Plasencia said. The project also has seven three-bedroom and four-bedroom townhomes with prices starting at $1.4 million. Each unit in the project will come fully furnished, and amenities in the building will include a lounge, cafe, a tech center with coworking spaces, a pool, children’s playground, clubroom and private event area, an outdoor theater and yoga studio, the release shows.
The design team includes architects Carlos Ott and Miami Beach-based Frankel Benayoun Architects, and Miami Beach interiors firm Urban Robot. The building has been topped off and construction, led by Kast Construction, is slated to be completed next summer, Plasencia said.
The buyers in the project are investors and second home buyers, she said. More than 30 countries are represented among the EB-5 investors, including from Europe, Latin America, Israel and Turkey.
North Miami Beach has attracted a wave of development in recent years. SoLé Mia, a master-planned community by LeFrak and Turnberry, is near the planned Nexo building. It is one of the largest master-planned communities in development in South Florida. In September, Douglas Elliman’s Eklund-Gomes team took over sales at SoLé Mia’s One Park Tower, a planned 33-story, 292-unit tower in the development.
