Estate Nabs raises $ 76 million in loan to build apartments in North Miami Beach

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The Estate Companies Principal Jeff Ardizon and Managing Principal Robert Suris with a presentation of the project. (Estate)

The real estate companies will begin building an apartment project in North Miami Beach after receiving a $ 76 million home loan.

The South Miami-based group is developing the 367-unit Soleste NoMi Beach on 1.8 acres of water on 16395 Biscayne Boulevard, according to a press release. Bank OZK, based in Little Rock, Arkansas, is the lender.

According to the press release, the 23-story building will comprise around 2,700 square meters of commercial space. It will offer one-, two-, and three-bedroom rentals between 700 square feet and 1,300 square feet. Units will have quartz countertops, designer lighting, kitchens with custom cabinets and walk-in closets. Facilities include a pool with a sun terrace, a waterfront promenade, a fitness room, a spa, a roof garden and co-working areas.

Construction is scheduled to begin this quarter and is expected to be completed in the second quarter of 2023.

Estate, led by Robert Suris and Jeff Ardizon, bought the property in December for $ 13.1 million.

Estate has built numerous apartment complexes in Miami-Dade County, mostly under the Soleste brand. It typically sells its projects shortly after completion, most recently selling 338 Soleste Twenty2 units in West Miami to Dallas-based Westdale Real Estate Investment Management for $ 97 million.

Several other major projects are being planned in North Miami Beach. In May, the city approved the 19-storey Skygarden apartment building with 341 residential units and mixed use by the Turkish developer Celal Ozkan.

Gil Dezer plans a $ 1.5 million remodel of North Miami Beach’s Intracoastal Mall into a massive project that would include 2,000 residential units, a hotel with 250 keys, 200,000 square feet of offices, and 280,000 square feet of retail.

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