Estate scores $60M construction loan for 255-unit multifamily project in Riviera Beach
Estate Companies secured a $60 million construction loan for a 255-unit apartment complex in Riviera Beach. The deal comes amid steady lending flow in South Florida, despite elevated interest rates, skyrocketing insurance, slower lease-ups and other economic headwinds. South Miami-based Estate plans the four-story Soleste on the Trail garden-style complex with a 2-acre man-made lake in the middle of the community, according to the developer’s news release. BB Americas Bank is the lender. Jim Fried of Sandstone Realty Advisors represented Estate in the financing. Soleste on the Trail will consist of one-bedroom and two-bedroom apartments, ranging from 700 square feet […]This article originally appeared on The Real Deal. Click here to read the full story.
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