ZOM Living And Ascentris Secure $92.3M Construction Loan From PNC Bank For Doral Redevelopment

The property involved in the transaction is a development site located at 8300 Northwest 33rd Street in Doral, Florida. It encompasses a total area of 109,559 square feet and spans 6.5 acres. The joint venture acquired the existing office building for $26.5 million as part of their redevelopment plan, which includes transforming it into a seven-story, 380-unit multifamily property. The project will target workforce housing in accordance with Florida’s Live Local Act, with anticipated completion scheduled for late 2027.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $92,300,000
• Lender: PNC Bank
• Landlord: Greg West - ZOM Living
• Landlord: Gabe L. Finke - Ascentris
• Loan Type: Construction

Key individuals involved in this transaction include Greg West, representing ZOM Living, and Gabe L. Finke, representing Ascentris. Together, they secured a $92.3 million construction loan from PNC Bank to fund their redevelopment efforts for Westside Plaza II.