Estate scores $60M construction loan for 255-unit multifamily project in Riviera Beach
Estate Companies secured a $60 million construction loan for a 255-unit apartment complex in Riviera Beach. The deal comes amid steady lending flow in South Florida, despite elevated interest rates, skyrocketing insurance, slower lease-ups and other economic headwinds.
South Miami-based Estate Companies announced that they have secured a $60 million construction loan for their latest project, Soleste on the Trail, a 255-unit apartment complex in Riviera Beach. The project, which will be a four-story garden-style complex featuring a 2-acre man-made lake, is being developed despite the current challenges facing the real estate market in South Florida.
Despite higher interest rates, rising insurance costs, and slower lease-ups, the lending flow in South Florida has remained consistent. This could be attributed to the strong demand for rental units in the region, as well as the growing population and job market.
Jim Fried of Sandstone Realty Advisors represented Estate Companies in securing the loan from BB Americas Bank. Fried stated, "We are thrilled to have secured this financing for Estate Companies and their Soleste on the Trail project. This loan is a testament to the strength of the project and the confidence in the South Florida market."
Soleste on the Trail will offer one-bedroom and two-bedroom apartments, with sizes ranging from 700 square feet to 1,100 square feet. The complex will also feature amenities such as a fitness center, pool, and dog park. Construction is expected to begin in the coming months and be completed in 2022.
Originally reported by The Real Deal.