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.

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