Miami-based developers the Related Group and Alta Developers took another big step for their 56-story condo in Miami’s Arts & Entertainment District by obtaining a $240 million construction loan.
Cain International provided the mortgage for Casa Bella Residences by B&B Italia, which will feature 319 units at 1400 Biscayne Blvd. Newmark’s Jordan Roeschlaub, Dustin Stolly, Nick Scribani, and Holden Witkoff arranged the financing deal, which is quite an achievement at a time when it’s difficult for many developers to secure mortgages. Many of the nation’s biggest banks have curtailed their lending and high interest rates make loans more expensive, so private lenders like Cain International are increasingly stepping up.
“We’re proud to partner with Cain to bring Casa Bella Residences by B&B Italia to life,” stated Nick Pérez, president of Related’s condominium division. “The capital infusion strengthens our ability to deliver on this commitment, as we redefine the standard for design-driven living within one of Miami’s most in-demand residential destinations.”
For Casa Bella, it helped that more than 80% of its condos are under contract, according to the developers. That includes a 5,893-square-foot penthouse that’s under contract for $12.6 million.
Related Group and Alta Developers broke ground on Casa Bella on Nov. 8. Miami-based Coastal Construction is the general contractor. It should be completed in 2025.
Condo prices started at $550,000 when sales launched in early 2022. Currently, the starting price for available units is around $1.2 million.
Casa Bella will have two floors of amenities, including an event venue, a wine vault, a theater room, coworking space, a wellness center, a pool deck with landscaping by Enzo Enea, a yoga lawn, a poolside bar and Mediterranean café, and a second pool on the roof.
Read more: Marriott-branded hotel in Palm Beach County sells for $21 million
It would also have 4,580 square feet of ground floor commercial space, which is intended for an Italian restaurant.
Miami-based Arquitectonica is the architect of the building, and the interiors were designed by Piero Lissoni. B&B Italia will offer move-in ready furnishing packages for buyers.
Fortune International Realty is the lead broker on the project.
As for the lender, Cain International is both a lender and a developer. Its development projects in Miami include the 830 Brickell office, the Una Residences condo and the Delano hotel.
“This was an opportunity to build on the core principles that have guided our lending strategy to date; working with outstanding sponsors to deliver exceptional assets in markets we believe in,” stated Matthew Rosenfeld, head of U.S. debt at Cain International.
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- Source: https://www.bizjournals.com/southflorida/news/2023/11/20/related-group-alta-developers-obtain-240m-loan.html?ana=RSS&s=article_search
