Structured and arranged a construction loan to develop a 289,000-square-foot, two-tower, mixed-use project in the Little Havana section of Miami, Florida.
Designed as two split condominium and multifamily rental towers with retail space on the ground level, the development was, at the time, the first high-rise constructed in the area in more than 10 years.
Challenges
The design component that included the combination of both rental and condominium towers within a single structure proved challenging to underwrite. Sponsorship also faced constraints from limited unit pre-sales in the condominium tower. Furthermore, new Basel III regulations impacted equity requirements and contribution value for the land.
