June 16, 2020
Berkadia has secured a $97 million construction loan for Las Marinas Apartments, two residential towers and structured parking in Sunny Isles Beach. The 17-story towers will include 128 units each.
Located at 100 Kings Point Dr., the Las Marinas development is located on a nine-acre site surrounded by the Intracoastal Waterway. The existing adjacent residential tower, Marina del Mar, was constructed in 1962. The first phase will involve upgrades to the existing tower and construction of the parking garage and a seawall for each new apartment tower. Construction on the towers, which is slated to begin next month, will take a total of 24 months.
Charles Foschini and Christopher Apone of Berkadia’s Miami office arranged the financing on behalf of the borrower The Brunetti Organization, a privately owned real estate investment and development firm. A life company provided the 15-year, fixed-rate permanent construction loan with five years of interest-only payments.
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