AQARAT Secures $80.9M Loan From Bank OZK For Miami Condo Transaction

The property at 500 NE 1st Ave, Miami, FL, 33132, is a 448-unit luxury condominium high-rise building named 501 First Residences. The construction financing for this property was arranged by Berkadia for a total loan amount of $80,900,000.00. The condominium offers studio, one- and two-bedroom units ranging from 603 square feet to 1,015 square feet. It is located in Downtown Miami near various attractions and amenities.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $80,900,000.00
• Borrower's Reps: Matthew (Matt) Nihan(Berkadia), Michael (Thomas) Basinski(Berkadia), Mitch Sinberg(Berkadia), Scott Wadler(Berkadia)
• Borrower: AQARAT
• Lender: Bank OZK

The financing for 501 First Residences was secured by Managing Director Scott Wadler, Senior Managing Director Mitch Sinberg, Senior Director Matt Nihan, and Senior Analyst Michael Basinski of Berkadia Miami on behalf of Aria Development Group and AQARAT. Bank OZK provided a 42-month, full-term interest-only loan at an aggressive floating rate for the property. The amenities offered by this luxury condominium include a lap pool, a private club suite, entertainment chef’s kitchen, a private rooftop movie theater, and many more features for the residents' comfort and enjoyment.