Biscayne Beach Condo Tower Receives a $120 Million Construction Loan
Sep 15, 2014 September 15, 2014
Creators of the renowned Biscayne Beach have obtained a $120 million construction loan for the development of the upcoming condo tower.
A partner of Blackstone Real Estate Debt Strategies awarded the loan, which allows for developers to pull an additional $120 million, capped out at $240 million, for the 51-story project.
Developers GTIS Partners and Eastview Development have teamed up to create the 399-unit project. The duo partnered on the purchase of the property in April 2013. They purchased the property for $29 million. Pre-sales commenced for the condo tower in July.
Construction is already underway for Biscayne Beach, having already started their construction in April.
WHLC Architecture teamed up with Miami’s BC Architects to tackle the architectural design. Moss Construction is the contractor for the construction.
Photo credit: Biscayne Beach - biscaynebeachresidences.com