Berkadia announces it has arranged $80.924 million in construction financing for 501 First Residences, a 448-unit luxury condominium high-rise building in Miami, Florida. Managing Director Scott Wadler, Senior Managing Director Mitch Sinberg, Senior Director Matt Nihan and Senior Analyst Michael Basinski of Berkadia Miami secured the financing on behalf of Aria Development Group and AQARAT.
Bank OZK provided the $80.924 million, 42-month, full-term interest only loan at an aggressive floating rate.
Located in Downtown Miami at NE First Avenue, 501 First Residences will offer studio, one- and two-bedroom units ranging from 603 square feet to 1,015 square feet. Amenities will include a lap pool, a private club suite with game tables, an entertainment chef’s kitchen, a media room and library, a state-of-the-art indoor gym with private training rooms, a sunrise terrace, private rooftop movie theater, outdoor game lawn, coworking boardrooms with smart technology, pet bath stations, valet service and secure bicycle storage.
The property will be situated close to the Adrienne Arsht Center, the Miami Heat Arena, the History Miami Museum, the Perez Art Museum Miami, Miami Dade College, the metro mover, Bayfront Park and it will be less than 20 minutes away from the Miami International Airport and Miami Beach.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.