Miami-based development firm CREI Holdings has secured a $41 million loan from Lument for the refinancing of Li’l Abner II apartments, completed in April 2023 in the city of Sweetwater. The transaction closed on December 29, 2023, and was led by Marc Suarez, a managing director at Lument.
The Fort Lauderdale Downtown Development Authority (DDA) has secured a $8.75 million construction loan to renovate Huizenga Park in downtown Fort Lauderdale. The DDA requested proposals seeking lenders to fund the Huizenga Park capital improvement project. After a thorough selection process, Synovus Bank was chosen as the best partner for financing the construction project, which is set to start in 2024.
Miami-based CMC Group, led by real estate developer Ugo Colombo, has obtained a $239 million construction loan from Bank OZK to develop Vita at Grove Isle. This luxury condominium project, currently under construction at 5 Grie Isle Drive on the private island of Grove Isle, near Miami’s Coconut Grove, will consist of a seven-story building with 65 waterfront residences, each boasting panoramic bay views and high-quality finishes. The project, which broke ground in April 2023, is progressing with vertical construction and is slated for completion by late 2025.
The Federal Aviation Administration (FAA) has granted approval for 2900 Terrace, a 38-story mixed-use development planned at 401 Northeast 29th Street in the Edgewater neighborhood of Miami. These permits, approved on January 2 and set to expire on July 2, 2025, mark a significant step forward for the project. Designed by Arquitectonica and developed by LNDMRK Development and Oak Row Equities, the building can reach 390 feet above ground level or 399 feet above mean sea level. An aeronautical study by the FAA confirmed that the structure adheres to obstruction standards and will not pose a hazard to air navigation.
M&R Enterprizes 1 L.L.C, led by Rosa A Garcia and based in Homestead, Florida, has submitted an application for administrative site plan review (ASPR) for a new mixed-use development. This project is located at 24735 South Dixie Highway, at the northwest corner of Southwest 134th Avenue and Southwest 248th Street in Princeton, Miami-Dade County. Designed by Edward Silva of E.S.A. Quality Design, the 8-story development falls within the County’s Urban Development Boundary (UDB) and is projected to yield 351,006 square feet. This space allocation includes 159,172 square feet dedicated to residential use across 222 multifamily units, 27,518 square feet for amenities, and 105,383 square feet of parking space, accommodating 344 vehicles.
