Luxury apartments near Dadeland North get $50 million construction loan

The trend towards transit-oriented development in South Florida is taking another big step forward with the closing of a $50 million construction loan for Motion at Dadeland, a 294-unit, 25-story luxury rental community next to the Dadeland North Metrorail Station.

Developers 13th Floor Investments and Adler Group announced the loan, which was secured by and syndicated by TD Bank and Banco Santander. The development partners have also  closed on the project’s equity financing, negotiated by Newmark’s ARA,  and debt, which was secured by CBRE. Completion is expected by late summer 2018.

“Motion at Dadeland is the perfect solution for renters who want the convenience of urban living and the accessibility of public transit, without necessarily being confined to the urban core or tethered to a car,” said Michael M. Adler, CEO of Adler Group. “Renters will be connected to all of Miami and have the ability to access greater downtown, the health district, and the airport in 20 minutes or less.”

The Class-A multifamily development at 6900 S.W. 84th Street will feature condo-quality unit finishes with views of Biscayne Bay and Downtown Miami, a press release said. Amenities includes ground floor retail, a fitness center, an expansive pool deck, poolside cabanas, communal sun loungers, covered seating, a party lounge, and a co-working center for residents.

“This construction loan is not just a testament to our strong bank relationships but also to the growing appeal of the Dadeland neighborhood of Miami-Dade County as a viable submarket for residential living,” said 13th Floor Investments Managing Principal, Arnaud Karsenti. “We are fortunate to work with high-quality lending partners such as TD Bank and Banco Santander and look forward to collaborating with them on this outstanding project.”

13th Floor and Adler also received approval recently from Miami-Dade County for Link at Douglas, which will transform the Douglas Road Metrorail station into a large-scale, mixed use community.

South Florida is poised for a surge in transit-oriented projects, which were highlighted in a January 2016 SFBW article.

13th Floor was profiled in a 2014 SFBW article.

 

 

You May Also Like
Reaching Out

I know that Stephen Garber knows people. The president of Third Level is a seasoned expert on change management, relationship building and quality-of-life issues. He is an international executive coach,

Read More
Stephen Garber
SOUTH FLORIDA BUSINESS & WEALTH GOES 2.0

This is the time and this is the page when the new editor-in-chief typically would tell you to get ready for a new SFBW experience—but since you’ve seen the cover,

Read More
Are Your Salespeople Taking Shortcuts?

Connor, a software sales rep, had been having a rough day. He’d been bombarded with questions from several customers and gotten behind on work he needed to finish before the

Read More
COVID and the Commercial Sector

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column width=”2/3″][vc_column_text] For South Florida’s vigorous commercial real estate sector, there is a Grand Canyon-size fissure between market conditions on March 1 and

Read More
Other Posts
Florida and Texas Are Gaining Residents at a Slower Rate, Redfin Reports

The rising cost of housing and the increasing frequency of natural disasters are slowing migration to Florida and Texas metros.

Read More
Live Local Act Could Finally Make an Impact on Housing

These proposed updates could finally fulfill the Act’s original promise – bringing critically needed housing to high-cost areas.

Read More
Luxury Development Glass House Boca Raton Breaks Ground

The nine-story residential development is slated for completion in Q2 2027. 

Read More
14 Florida Insurers Closed Over Half of Homeowner Damage Claims with Zero Payment in 2024

Weiss Ratings warns of worsening trends in Florida’s insurance industry, noting a sharp rise in homeowner claims closed without payment.

Read More