Berkadia Secures Financing to Construct Luxury Condos in Downtown Miami
Aria Development Group and AQARAT will develop the property
Berkadia helped finalize an $80.924 million construction loan to build 501 First Residences, a 448-unit luxury condominium high-rise building in Miami. Managing Director Scott Wadler, Senior Managing Director Mitch Sinberg, Senior Director Matt Nihan and Senior Analyst Michael Basinski of Berkadia Miami brokered the financing on behalf of Aria Development Group and AQARAT, with Bank OZK providing the funding for the 42-month, full-term interest only loan at an aggressive floating rate.
Located at NE First Avenue close to the Adrienne Arsht Center, 501 First Residences will offer studio, one- and two-bedroom units ranging from 603 to 1,015 square feet. Amenities will include a lap pool, a private club suite with game tables, an entertainment chef’s kitchen, a media room and library, a state-of-the-art indoor gym with private training rooms, a sunrise terrace, private rooftop movie theater, an outdoor game lawn, coworking boardrooms with smart technology, pet bath stations, valet service and secure bicycle storage.