Construction got underway in Miami on the Canvas condominium in Miami’s Arts & Entertainment District, following the approval of financing for its developer NR Investments. The $70 million facility meant work could get underway on the 513-unit project located at 1630 N.E. 1st Ave., which includes pools, a racquetball court, a spa, along with ground floor retail and rooftop resaurant. Units in Canvas are priced from around $350,000 to the $550,000s and will range from 620 to 1,150 square feet.
Domestic buyers will be able to take advantage of Fannie Mae-backed financing with lower down payments. According to the developer, the building is 58 percent sold with approximately $120 million under contract. The loan was brokered by Walker & Dunlop’s Jeremy Pino, Al Rex and Livingston Hessam thru Bank of the Ozarks.
“It is a milestone for the neighborhood, which we initiated in August 2014 and has since grown into a thriving community backed by the support of its residents, neighbors, corporations and cultural figures,” Ron Gottesmann, NR Investments said.
