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Real Estate - November 7, 2017
Developer nabs construction loan for Blue Lagoon apartments
Estate Investment Group just closed on $52 million in construction financing for a new project near Miami International Airport.
The developer, led by founder and principal Robert Suris, secured the loan from Florida Community Bank for the 330-unit Soleste Blue Lagoon luxury complex, at 5375 Northwest Seventh Street in Miami. It’s expected to be completed by mid 2019, according to a news release.
Suris recently sold his third new apartment building in West Miamisince last year for $59 million, or $267,000 per unit.
His company also recently secured approvals for a 200-unit rental project in Palmetto Bay called Soleste Bay Village and the 338-unit Soleste Twenty2 in West Miami.
The Blue Lagoon development will have units ranging from 400-square-foot studios to 1,100-square-foot three-bedrooms.
Rents will start in the low $1,300s.
The project will have a lakefront pool, sun deck with cabanas, a private beach with a sand volleyball court, lounge, health and fitness club, rooftop garden and water activities in the lake, according to the release.
Units will have modern kitchens with custom cabinets, washers and dryers.
“What we see from our previous buildings is everyone migrates to our cheapest units,” Suris said earlier this year.
“Rents are very high and salaries are very low in Miami. As you lease up the building, people just go to the cheapest units.”