MIAMI—Earlier this week, I reported on Blackstone lending $120 million to Biscayne Beach’s developers. Now, Cohen Financial, the firm that arranged the construction loan on the 399-unit condo project in Edgewater, is offering insight into what made the deal so attractive to the lender.
A joint venture between Eastview Development and GTIS Partners is building Biscayne Beach, a 51-story condo rising at 711 Northeast 29th Street. Blackstone Real Estate Debt Strategies provided the loan.
The developers launched construction of Biscayne Beach in June and have already sold more than 70% of its units to amass $250 million in sales. Completion is slated for 2016. Biscayne Beach offers one-, two- and three-bedroom condos, including two two-story penthouses with private rooftop pools and garden terraces.
“The product available in Biscayne Beach is superior compared to competing condominium properties in the Edgewater area and the Miami mainland,” Kevin O’Grady, senior managing director of Cohen Financial and leader of the company’s equity practice. O’Grady secured the debt financing with Blackstone, as well as the phase-one equity financing for the land acquisition and pre-development of Biscayne Beach.
“The quality of the property’s amenities, its location and spectacular views of Biscayne Bay are superior to that of equally priced properties in the Edgewater area and higher priced product in Miami overall,” O’Grady says. “The developers were very astute in their positioning within the Edgewater area, which has proven to be a wonderful extension of urban living in Miami.”