Updated May 12, 2025
The Estate Cos. Obtains $100M Construction Loan For Soleste On The Bay In North Miami Beach
16375 Biscayne Blvd Aventura, FL 33160, USA
$100,000,000
Units
363
Asset Type
Development Site
Closing
Aug 23, 2023
About this deal
AI
The asset involved in this transaction is a development site located at 16375 Biscayne Boulevard in North Miami Beach. It spans 2.15 acres and is set to support the construction of the 363-unit Soleste on the Bay project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $100,000,000
- Lender: U.S. Bank
- Landlord: The Estate Cos. - Robert Suris & Jeffrey Ardizon
- Loan Type: Construction Loan
This transaction involves key players including The Estate Cos., represented by Robert Suris and Jeffrey Ardizon, who are managing the financing for the development project. U.S. Bank is identified as the lender facilitating the $100 million construction loan.
On the Map
$100,000,000
Development Site
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Players
Del Mar Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93