The New York-based real estate development company Greystone has secured $28.25 million in financing for the construction of a mixed-use apartment tower in Miami. The credit consists of a $22 million construction loan from Fifth Third Bank and a $6.25 million mezzanine loan provided by Terra Capital Partners. Located at 1501 SW 37th Avenue, the project sits on a 34,000 square foot site that will be developed into a 14 story tower with 91,000 sqf of residential and 6,500 sqf of ground-floor retail space.
“While the financing market has chilled considerably for ground-up construction in Miami, it was refreshing to find capital sources like Fifth Third Bank and Terra that made the effort to understand our project,” said Jeff Baevsky, Senior Managing Director of Greystone. “The reality is that while there may be some shadow inventory concern, there are few, well-located, purpose built rental apartment buildings in the Miami MSA.”
