Florida & Gulf Coast CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Florida & Gulf Coast  + South Florida  + Apartments  | 
Aria Development Group and AQARAT have secured $80.9 million in construction financing for a 448-unit condominium high-rise building in downtown Miami, FL.

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.

Connect

Inside The Story

Berkadia

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Development
New call-to-action
New call-to-action