Aria Development Group, AQARAT Secure $81M Build Loan for Miami Condo
Miami, FL-based Aria Development Group and AQARAT have secured $80.9 million in construction financing for 501 First Residences, a 448-unit condominium high-rise building in downtown Miami.
Scott Wadler, Mitch Sinberg, Matt Nihan and Michael Basinski of Berkadia arranged the financing. Bank OZK provided the 42-month, full-term interest only loan at an aggressive floating rate, according to Berkadia.
501 First Residences will offer studio, one- and two-bedroom units. Amenities will include a lap pool, private club suite, entertainment chef’s kitchen, media room and library, indoor gym with private training rooms, sunrise terrace, private rooftop movie theater, outdoor game lawn, co-working boardrooms with smart technology, pet bath stations, valet service and secure bicycle storage.
The property will be close to the Adrienne Arsht Center, Miami Heat Arena, History Miami Museum, Perez Art Museum Miami and Miami Dade College. It will be less than 20 minutes away from the Miami International Airport and Miami Beach.
- ◦Development