News Summary
Fortune International Group and Blue Road have secured a $73.3 million construction loan for the Nexo Residences, a short-term rental condominium community in North Miami Beach. The project, featuring 254 units, is being financed by Bank Hapoalim International and is set to be completed in 2027. The residences will cater to both homeowners and investors, including participants in the EB-5 Immigrant Investor program, with 90% of units already presold.
Fortune International Group and Blue Road Secure $73.3 Million Loan for Nexo Residences
Fortune International Group and Blue Road have successfully secured a substantial construction loan amounting to $73.3 million for their latest development project, Nexo Residences, located in North Miami Beach, Florida. This financial boost is aimed at advancing the construction of this ambitious 254-unit, short-term rental condominium development, which is poised to elevate the residential landscape of the area.
The loan was provided by Bank Hapoalim International, while Berkadia played a critical role in arranging the financing on behalf of the joint venture. Nexo Residences recently reached a significant construction milestone as the 16-story towers topped out last month, further solidifying the project’s progress. Completion of the development is anticipated by 2027.
Funding for Nexo Residences is facilitated through the EB-5 Immigrant Investor program, which allows international investors to receive lawful permanent resident status by investing $1.05 million in the project. This innovative financing model is expected to attract a range of investors seeking both a new home in the United States and a stake in a rising real estate market.
Property Details
Nexo Residences will feature a variety of living options, including fully furnished units that vary in layout from studios to three-bedroom configurations. Additionally, townhomes will be available with three- and four-bedroom floorplans. Unit sizes will range from 531 to 2,438 square feet, with pricing starting in the $599,000s. Impressively, approximately 90 percent of the residences have already been presold, indicating a strong market interest in the development.
Amenities and Location
Nexo Residences is set to offer an array of shared amenities designed to enhance community living. These will include a three-story lobby, a two-story technology center featuring coworking spaces, and a pool deck complete with a jacuzzi. Families can particularly benefit from the children’s playground and an outdoor movie theater designed for community entertainment. Convenient parking arrangements will be available for every unit, ensuring residents enjoy seamless access.
Strategically located at 13899 Biscayne Blvd, Nexo Residences is approximately 2 miles west of Florida International University-Biscayne. Its advantageous proximity includes being around 15 miles from Miami International Airport and 20 miles from Fort Lauderdale-Hollywood International Airport. Residents will also have easy access to various retail options in the vicinity, including Target, Costco Wholesale, Whole Foods Market, and Publix Super Market.
Berkadia Financing Team
The team at Berkadia responsible for arranging the financing was comprised of experts in the field, including Scott Wadler, Brad Williamson, Matt Robbins, Michael Basinski, Bobby Dockerty, and Mitch Sinberg. Their collective experience in the real estate sector has been instrumental in facilitating the successful financing of this venture.
Earlier in 2023, the Miami area saw a surge in significant construction loans, with PMG securing $413 million for the dual-tower development of One Twenty Brickell Residences and Alta Developers obtaining $94.2 million for the Cassia project in the Merrick Park District. The flourishing sector indicates a promising future for real estate development in South Florida.
As Nexo Residences moves toward its completion date, it sets a new standard for modern living in North Miami Beach, combining luxury amenities with accessible pricing and a strong investment opportunity for both local and international buyers.
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Additional Resources
- Multi Housing News: Fortune International Group and Blue Road Secure $73.3 Million Loan
- Law360: Fortune, Blue Road JV Secures $73M Fla. Condo Tower Loan
- Travel Daily News: Nexo Residences Receives $73.27M Construction Loan
- Connect CRE: Fortune, Blue Road Snag Loan to Build N. Miami Beach Condos
- Google Search: Nexo Residences
- Wikipedia: North Miami Beach, Florida
