A joint venture between 13th Floor Investments, The Adler Group and Cornerstone Real Estate Advisers has secured $51.3 million in financing for the development of the Motion at Dadeland apartment community in the Dadeland triangle of Miami. The 25 story building at 8832 SW 85th St. is located across the street from the Dadeland Mall. Charles Foschini and Christopher Apone of CBRE’s Miami office arranged the construction loan from TD Bank at a floating rate for a three-year term. Once completed, the mixed use scheme will feature 260,000 sqf of rentable space along with approximately 8,346 rentable sqf of ground-floor retail and 411 parking spaces. The development is slated for completion in 2018.
“The appeal of the property is that it’s adjacent to the Metrorail,” stated Charles Foschini, CBRE. “Not without its challenges, we had to work to find a lender to lead the transaction that was comfortable with a long-term ground lease provided by the county and understood that while there was a significant amount of apartment supply in the area, this project was clearly differentiated in its location, amenity, ownership structure and execution.”
