The development site located at 550 NW 161st St in Miami spans across 7.11 acres. Ernesto Lopes, acting as the landlord under Resia, acquired the land for $12 million in 2021. Regions Bank provided a $71 million construction loan for the project, which will be the site for the Resia Golden Glades project. The upcoming development will feature four five-story buildings, a 705-space parking garage, a clubhouse, fitness center, and pool.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $71,000,000
• Address: 550 NW 161st St
• Market: Miami
• Lender: Regions Bank
• Landlord: Ernesto Lopes - Resia

Resia is embarking on the development of a 420-unit apartment project known as Resia Golden Glades in Miami. The project's vision includes the creation of upscale residential spaces in the heart of Miami, with modern amenities and facilities to cater to the residents' needs. This endeavor signifies a significant investment in the Miami real estate market by both Ernesto Lopes and Regions Bank, highlighting their commitment to developing quality residential spaces in the area.