MIAMI—Miami condo development isn't all about high-rises with city or ocean views. Some developers are finding their niche with boutique-style developments to which banks are taking a liking.

One example is Sereno Bay Harbour Islands. 13th Floor Investments and Integra Investments just closed a $12.3 million construction loan with City National Bank for the project.

“We are thrilled to have closed this loan with City National Bank who has once again proven to be a strong partner for 13th Floor, our partners, and projects,” says Daryl Shevin, CFO of 13th Floor. “We look forward to the success of Sereno and continued collaboration on future projects.”

A 38-unit boutique condo project with one- to three-bedroom residences, one reason the bank likes Sereno Bay Harbor Islands is because it's 100% sold out. Ground breaking was in May. Delivery is expected in the summer of 2016 on the eight-story luxury condo that promises a laid-back experience in a coastal location.

“Our vision to redefine waterfront living in Bay Harbor Islands will soon be a reality,” says Victor Ballestas, principal of Integra, who also partnered with 13th Floor Investments on Peary Court, a 157-unit multifamily development in Old Town Key West. “Sereno offers the best of what South Florida has to offer—sophisticated island living within minutes of Fort Lauderdale, South Beach, major airports, shopping, restaurants and schools.”

The project offers bay views, balconies and a rooftop pool and amenity deck featuring a relaxation pool with cabanas, bar and grill with lounge, outdoor movie theatre, fire pit and landscaped gardens. Condo amenities include a state-of-the-art fitness center at The Bay Club, which is home to Sereno's marina complete with kayaks, paddleboards and boat services for residents' enjoyment.