$125 Million Construction Loan Secured for New Residential Project in Miami Design District
Overview of the Cassi Project
A recent financing deal has breathed new life into the Miami Design District, as Dacra, led by Craig Robins, and its partners have secured a $125 million construction loan. This funding is earmarked for a 107-unit luxury apartment complex named Cassi, located at 91-93 Northeast 36th Street. This ambitious project, developed in collaboration with Miami Design District Associates, Hunter Pasteur, and The Forbes Company, reflects the ongoing investment interest in South Florida’s multifamily sector.
“Despite the current slowdown in leasing activity, we continue to see significant momentum in financing new projects,” said Sean Reimer of Walker & Dunlop, who represented the developers.
Project Details
Key Features of Cassi
- Total Units: 107 apartments
- Structure: A 20-story tower
- Apartment Sizes: Ranging from one-bedroom to three-bedroom units, with an average size of 1,500 square feet
- Retail Space: 23,000 square feet dedicated to retail outlets
- Anticipated Completion: Set to be completed in 2027
The recent notice of commencement filed this week marks the official start of construction, ensuring that the project stays on track to meet its completion target.
Investors Behind Cassi
Dacra and Its Strategic Partners
The project team comprises notable investors:
- Dacra: Craig Robins’ company is renowned for developing luxury retail spaces in the Miami Design District.
- Hunter Pasteur: A Michigan-based luxury residential developer with over two decades of experience in constructing and selling single-family homes and condos.
- The Forbes Company: Led by Nathan Forbes, this company specializes in the ownership, development, and management of high-quality retail centers.
Financial Partners
The financing was led by Amerant Bank, with other lenders, including Bank Hapoalim, joining the effort to bring Cassi to fruition.
Broader Trends in the Miami Real Estate Market
The financing for Cassi aligns with recent trends in the South Florida multifamily development landscape. While leasing activity has shown signs of slowing down and rents have plateaued or even declined slightly, investors remain confident in the market’s long-term viability.
Other Notable Developments
In addition to Cassi, several other exciting projects are under discussion in the Miami Design District:
- JEMB Realty’s Helm Equities: A proposed $500 million mixed-use development featuring a 36-story tower planned for 4201 Northeast Second Avenue.
- Kushner Companies: Recently secured $115 million for a luxury apartment project in Surfside.
- Grover Corlew: Acquired a $92 million loan for a 312-unit building in Fort Lauderdale.
The Future of the Miami Design District
The Miami Design District is known for its upscale shopping and dining options, such as renowned brands like Valentino and Saint Laurent. With ongoing residential projects like Cassi, the area is poised to transform into a vibrant residential community.
For those interested in more information on the Miami Design District or updates on real estate developments, explore these links:
Conclusion
Cassi represents a significant milestone in the Miami Design District’s ongoing evolution, emphasizing a shift towards mixed-use development that integrates luxury living with retail ambiance. As projects bloom in this thriving area, investors and residents alike can anticipate a promising future.