Berkadia has announced the successful arrangement of a $73.27 million construction loan on behalf of Fortune International Group and Blue Road to complete Nexo Residences, a 16-story short-term rental condominium tower underway in North Miami Beach. The property will feature 254 fully furnished residences with a flexible ownership model and an EB-5 investment component.
The loan was provided by Bank Hapoalim (BHI) and will help complete construction, which has already reached the topping-off milestone. The development had previously been funded through a combination of condominium sales deposits and EB-5 investor funds.
The financing team at Berkadia included Managing Director Scott Wadler, Director Michael Basinski, Vice President Bobby Dockerty, Senior Managing Director Mitch Sinberg, along with Managing Directors Brad Williamson and Matt Robbins from the firm’s Miami and Boca Raton offices.
“Fortune International and its partner Blue Road are delivering an exceptional building in a rapidly transforming area adjacent to Aventura and next to SoLé Mia. The product and location resonates with today’s global buyer, who desires a more flexible ownership model,” said Wadler. “A trifecta of experienced Sponsorship, high-quality product and great location generated significant interest from lenders.”
The building has already achieved 90 percent in sales, with a diverse buyer pool from more than 25 countries. Kast Construction is serving as the general contractor, and the project remains on schedule for completion in 2027.
“The lifestyle offered at Nexo Residences – combining elevated design, a robust amenity program and the flexibility of short-term rentals – has generated tremendous sales momentum thus far, with buyers from more than 25 countries and over 90% of units sold,” said Edgardo Defortuna, CEO of Fortune International Group. “Securing this financing reaffirms the market’s confidence in both the product and the North Miami Beach submarket, where growth and demand continue to accelerate daily.”
Exclusively marketed and sold by Fortune Development Sales, Nexo Residences offers turnkey studio to three-bedroom units, starting in the $599,000s, along with a collection of three- and four-bedroom townhomes designed to “live, own and host.” The project was envisioned by Carlos Ott, designed by Frankel Benayoun Architects Inc., and features interiors by Urban Robot.
Residences will feature floor-to-ceiling windows, porcelain flooring, Italian kitchen and bathroom cabinetry, built-in bedroom closets, dedicated lockable owner’s closets, and parking for every unit.
Planned amenities include a three-story arrival lobby and lounge with café, two-story technology center with coworking space, pool deck with Jacuzzi and summer kitchens, rooftop observatory deck, children’s playground, multi-purpose clubroom and private event space, outdoor movie theater, and a yoga studio.
Located at 13899 Biscayne Boulevard, the property is less than a mile from Oleta River State Park, SoLé Mia, and Florida International University–Biscayne Bay Campus, and just minutes from Bal Harbour, Aventura, North Bay Village, and Hollywood Beach. Both Miami International Airport and Fort Lauderdale-Hollywood International Airport are approximately 30 minutes away, with the Brightline Aventura Station just four miles from the site.
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This is clearly in Miami, Not Miami Beach. Big difference.
North Miami Beach includes a large chunk of the mainland. This is, indeed, NMB, regardless of what you might think. It’s pretty easy to look it up on a map.
It’s either in Miami, Miami Beach, North Miami Beach or North Beach.