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 in North Miami Beach
The construction of Nexo Residences, a new condominium development in North Miami Beach, is moving forward with the recent acquisition of a $73.3 million construction loan by Fortune International Group and Blue Road. The funding comes from Bank Hapoalim International, with financing arranged by Berkadia on behalf of the joint venture.
Nexo Residences is designed to be a 254-unit, short-term rental condominium project, boasting two 16-story towers that topped out last month. The development is expected to be completed by 2027, opening its doors to prospective residents just a few years from now.
One key aspect of Nexo Residences is its funding through the EB-5 Immigrant Investor program. This program permits international investors to obtain lawful permanent resident status by investing a minimum of $1.05 million into qualified projects in the U.S. This initiative not only drives investment into real estate ventures but also offers investors an opportunity for residency.
The residential units at Nexo will be fully furnished and range from studios to three-bedroom layouts, accommodating a wide variety of residents. Additionally, the development will include townhomes with three- and four-bedroom floorplans. Unit sizes will range significantly, from 531 to 2,438 square feet, and pricing will start from the $599,000s. This pricing strategy represents a competitive entry point into the North Miami Beach market, attracting many potential buyers.
An impressive 90 percent of the residences have already been presold, reflecting a strong demand for this kind of development in the area. Residents and investors alike can expect a variety of shared amenities that enhance the living experience within the community. These include:
- A three-story lobby that welcomes residents and guests
- A two-story technology center equipped with coworking spaces
- A pool deck with a jacuzzi providing relaxation options
- A children’s playground for families
- An outdoor movie theater for entertainment
- Parking for every unit, ensuring convenience
Conveniently located at 13899 Biscayne Blvd, Nexo Residences is positioned approximately two miles west of Florida International University-Biscayne, making it accessible for students and faculty. The site is also in close proximity to major transportation hubs, located about 15 miles from Miami International Airport and 20 miles from Fort Lauderdale-Hollywood International Airport.
Residents will also have access to a vibrant retail environment nearby, with shopping options including Target, Costco Wholesale, Whole Foods Market, and Publix Super Market. This variety of retail options enhances the living experience, adding convenience for everyday needs.
The Berkadia financing team that supported this project included Scott Wadler, Brad Williamson, Matt Robbins, Michael Basinski, Bobby Dockerty, and Mitch Sinberg, who played pivotal roles in securing the necessary funds for construction.
The successful loan for Nexo Residences is part of a larger trend in the Miami area, where earlier in 2023, two other luxury condominium developments received substantial financing. PMG secured $413 million for One Twenty Brickell Residences, while Alta Developers landed a $94.2 million loan for Cassia, another luxury project in the region.
Overall, the Nexo Residences aims to offer a modern, community-focused lifestyle in the heart of North Miami Beach, with ample amenities and convenient access to local services, making it an attractive option for current and future homeowners.
Deeper Dive: News & Info About This Topic
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
