A joint venture comprising Miami Design District Associates, Hunter Pasteur, and The Forbes Co. has successfully secured $125 million in construction financing for Cassi, a new 20-story mixed-use project in Miami. The development will feature 107 luxury rental residences and 23,000 square feet of retail space, with completion anticipated by December 2027.
Key Takeaways
- A joint venture between Miami Design District Associates, Hunter Pasteur, and The Forbes Co. has secured $125 million in construction financing.
- The project, named Cassi, will be a 20-story, 161,444-square-foot mixed-use development.
- Cassi will offer 107 luxury rental residences and 23,000 square feet of retail space.
- Construction is slated for completion by December 2027.
- Amerant Bank led the financing package, with support from BHI (Bank Hapoalim).
Cassi Project Details
The Cassi development, located at 91 NE 36th St. at the entrance to the Miami Design District, will offer residences ranging from one to three bedrooms, with an average size of 1,509 square feet. The project aims to blend luxury living with vibrant retail, capitalizing on its prime location within a neighborhood renowned for its art galleries, museums, and high-end retail.
Amenities and Design
Residents of Cassi will have access to a comprehensive suite of amenities, including a pool, sundeck, garden, indoor and outdoor fitness center, yoga room, sauna, chef’s catering kitchen, private dining club, a great room with lounges, a library, and a coworking office with private studios. A children’s playroom and 24-hour concierge service will also be available. Contemporary artist Jorge Pardo is set to create a significant three-story art installation for the building’s facade, in addition to designing pendant lamps, tilework, and furnishings for the lobby, further enhancing the project’s artistic appeal.
Financing and Development Team
The $125 million financing package was led by Amerant Bank and supported by BHI, the U.S. division of Bank Hapoalim. The financing was arranged by a Walker & Dunlop Capital Markets team, who served as exclusive advisors to the joint venture. Attorneys from Bilzin Sumberg represented the developer, while Greenspoon Marder represented the banks. GT Construction & Development is the general contractor, with Elkus Manfredi Architects and Cube3 serving as the project designers.
Miami’s Multifamily Development Landscape
Cassi is part of a broader trend of significant multifamily development activity in Miami. Recent projects include the move-ins at Joule House, a 308-unit luxury mixed-use development in Wynwood, and the completion of Wynwood Works, a 120-unit affordable mixed-use project. Additionally, Alta Developers recently secured a $94.2 million loan for Cassia – The Residences at Coral Gables, a 174-unit luxury condominium project.