Arnaud Karsenti And Daryl Shevin Of 13th Floor Investments Secure $125M Loan For Miami Development

The property asset is a development site located at 3070 S.W. 37th Ave., in the Miami market. This site encompasses 7 acres and is currently under construction for a multifamily project. The total loan amount secured for this project is $125,000,000, which is designated for construction purposes.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $125,000,000
• Address: 3070 S.W. 37th Ave.
• Market: Miami
• Asset Size: 7 acres
• Lender: Santander Bank & TD Bank
• Landlord: Arnaud Karsenti & Daryl Shevin - 13th Floor Investments; Mike Freno & Chris Cassella - Barings
• Project: CADENCE, a 35-story, 432-unit multifamily tower
• Workforce Housing: 12.5% of units reserved for workforce housing
• Master Plan: Part of a broader 7-acre, four-tower master plan
• Development Site location: Link at Douglas transit-oriented development

The key individuals involved in the deal include Arnaud Karsenti and Daryl Shevin from 13th Floor Investments, as well as Mike Freno and Chris Cassella representing Barings. They played pivotal roles in securing the financing for the construction loan from Santander Bank and TD Bank for the CADENCE project.