MIAMI—Although more developers are looking to owner financing tohelp drive condo projects forward, a joint venture betweenEastview Development and GTISPartners is proving lenders are willing to bet (and evencompete) on high-quality projects.
The JV just closed a $120 million construction loan to buildBiscayne Beach, a 51-story, 399-unit luxury condominium rising at711 Northeast 29th Street in Miami's East Edgewater neighborhood.Blackstone Real Estate Debt Strategies providedthe loan.
“A loan of this significance is a good indication of thestrength in the Miami market as well as Blackstone's confidence inBiscayne Beach,” says Reid Boren, a partner atEastview. He says the loan give the JV the funds it needs tocomplete the luxury condo.
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