Miami-based development and construction company, Cymbal DLT Companies, closed on a $102.5 million loan from Related Fund Management for the development of a 341-unit, market-rate multifamily housing project at 20775 NW 17th Avenue in Miami Gardens, Florida. The project comprises 11 Class-A apartment buildings designed PALMA centered around a sculpture-filled lake to maximize views and encourage outdoor activities.
“We are grateful to Related for their massive investment in our vision of bringing world-class architecture to Miami Gardens and impacting this community in a positive way with an emphasis on design, original art, technology, landscaping, wellness, and sustainability,” said Asi Cymbal, Chairman of Cymbal DLT.
The new housing project is still unnamed. Cymbal DLT will soon launch a public contest where members of the South Florida community can submit their ideas to name the project. According to the developer’s representative, rents will be roughly 50% less than comparable, newly constructed buildings in Downtown Miami and Fort Lauderdale. In South Florida, rents average $3,000 per month; Cymbal DLT aims to keep its rents under $2,500. The hope is to attract hard working people such as hospital staff, nurses, school teachers, and police officers who have been priced out of Fort Lauderdale and Miami.
A lush walkway will connect the buildings and a community clubhouse containing a state-of-the-art fitness center, game room, lap pool, multiple BBQ areas, kids’ playground, meditation garden, butterfly garden, metaverse room, and a Zoom coworking lounge.
Avery Klann of Newmark and Jose Fernandez of Marcus & Millichap were the brokers on the land sale.
Christian Uriarte of Torus Capital Group brokered the $102.5 million construction loan. Link Logistics, an affiliate of Blackstone, and David Metalonis, sold the site.
Brian Sedrish, Sam Friedland, and Sam Zuckert from Related, and Asi Cymbal, Hector Torres, and David Udine from Cymbal DLT, worked tirelessly for months to close this deal. Adam Lustig and Ali Lehson of Bilzin Sumberg represented Cymbal DLT as legal counsel on the construction loan, and John Hotte of Krinzman Huss Lubetsky Feldman & Hotte represented Cymbal DLT on the land purchase. Howard Schrieber of Hunton Andrews Kurth was legal counsel for Related. Richard Abramson from Cole Schotz represented Blackstone.
Cymbal DLT is a partnership between Asi Cymbal of Cymbal