Joint venture partners Group Fox and Focus have secured a $250 million construction loan to develop a Class A multifamily property in Miami's Brickell area.
Affinius Capital originated the debt for the project Brickell Starlite, with the site sitting in proximity to Brickell City Centre and Mary Brickell Village. Cushman & Wakefield arranged the financing for the two Chicago-based developers.
The development calls for 517 residential units that range from studios to three-bedroom residences, with five percent of the total getting designated as workforce housing. The 39-story tower will also feature 8,000 square feet of retail, as well as amenities, including two outdoor pools, co-working space, a fitness center, a cold plunge, a sauna, a dog spa and a dog run.
“Brickell has not seen the same pace of delivery of highly amenitized, Class-A apartment inventory as other parts of Florida and the southeast," Affinius Capital Co-Head of Debt Originations Eric Cohen said in a statement.
"With major employers continuing to relocate to Brickell, the property’s transit-oriented location, immediate access to Brickell City Centre, and institutional-grade amenity package position it to capture significant market share upon delivery.”
Meanwhile, at least one other major residential project is underway in the Brickell neighborhood: Newgard Group and Two Roads Development's One Brickell Riverfront, which calls for 784 residences and 40,000 square feet of amenities. The two developers landed $513 million in financing for it in September, with the project set for full completion before August 2027.
It's unclear if Brickell Starlite has broken the ground yet.
In RentCafe's latest Rental Competitiveness Index report, Miami snagged the top spotfor the hottest rental market, with a score of 92.9. The Magic City garners its appeal thanks to its emergence as a tech and finance hub that continues to grab talent and capital from Wall Street and Silicon Valley.
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