Fortune International Group and Blue Road have successfully secured a $73.3 million construction loan for Nexo Residences, a new 254-unit short-term rental condominium development in North Miami Beach, Florida. The joint venture recently celebrated topping out the 16-story tower, which is anticipated to be completed in 2027. Bank Hapoalim International provided the financing, with Berkadia arranging the deal on behalf of the developers.
Key Takeaways
- A $73.3 million construction loan has been secured for Nexo Residences.
- The project is a 254-unit short-term rental condominium development.
- Nexo Residences is slated for completion in 2027.
- The development is funded in part by the EB-5 Immigrant Investor program.
Project Details and Financing
The 16-story Nexo Residences project is designed to offer a mix of fully furnished units, including studios, one-to-three-bedroom apartments, and three-to-four-bedroom townhomes. Unit sizes will range from 531 to 2,438 square feet, with prices starting at $599,000. The development is also utilizing the EB-5 Immigrant Investor program, allowing international investors to contribute $1.05 million for equity and the opportunity to obtain lawful permanent resident status.
Amenities and Location
Nexo Residences will feature a comprehensive suite of amenities, including a three-story lobby, a two-story technology center with coworking spaces, a pool deck with a jacuzzi, a children’s playground, and an outdoor movie theater. Parking will be provided for every unit. The development is strategically located at 13899 Biscayne Blvd., approximately two miles west of Florida International University-Biscayne and within easy reach of Miami International Airport and Fort Lauderdale-Hollywood International Airport. Nearby retail options include major stores like Target, Costco Wholesale, Whole Foods Market, and Publix Super Market.
Market Context
This financing marks a significant development in Miami’s booming real estate market. The loan arrangement was handled by a team from Berkadia, including Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, along with Director Michael Basinski, Vice President Bobby Dockerty, and Senior Managing Director Mitch Sinberg. The deal follows other substantial construction loans in the Miami area, such as the $413 million loan for One Twenty Brickell Residences and a $94.2 million loan for Alta Developers’ Cassia project.