MIAMI-An out-of-state institutional investor is providing Coral Gables-based H&H Development Co. with $11 million in mezzanine financing for its newly completed mixed-use $55-million Mondrian condominium development. The 18-story property is in the city's Edgewater District.
The 199-foot tall structure overlooking Biscayne Bay has 176 residential homes and 11 commercial bays at 317-333 NE 24th St. and 402 NE 25th St. The condo homes, sized from 750 sf to 1,300 sf, are priced from $250,000 to $500,000, according to the project's online brochure. The expected total sellout is more than $68 million, according to the developer.
Fullerton-Diaz Architects designed the Mondrian. The Miami office of Chicago-based Cohen Financial arranged the financing. Managing directors Kevin M. O'Grady and Daniel R. Sheehan handled the transaction.
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