Condo News Highlights
HFF Arranges $210M in Financing for Luxury Mixed-Use Development
By Kelly Sheehan, Online News Editor. Dated 12/14/2006
DECEMBER 08, 2006 -- Miami -- The Miami office of Holliday Fenoglio Fowler has arranged $210 million in financing for three phases of Riverfront West development, being developed in Miami by Key International, a real estate development firm. The community will include The Mint, a 52-story luxury condominium tower.
Manny de Zarraga, executive managing director of HFF; Terri Echarte, director; and Kim Flores, associate director, worked exclusively on behalf of Key International to secure financing. Key was represented by Rene Murai, managing partner of the Murai, Wald, Biondo, Moreno & Brochin, P.A. law firm.
Corus Bank, based in Chicago, provided a $191-million, adjustable-rate construction loan for the development of The Mint. Ocean Bank, based in Miami, provided a $18.5-million, adjustable-rate land loan to refinance two of Riverfront's parcels.
Riverfront West will consist of four buildings, with direct access and frontage along the Miami River. The Ivy, currently under construction, is the first phase of the project. It features 504 condos with 12,000-sq.-ft. of retail space. Construction financing for the Ivy was arranged by HFF in 2005.
Scheduled for completion in February 2009, The Mint will feature 535 one-, two- and three-bedroom condo units averaging 1,156 square feet, as well as 12,126 square feet of retail space. Residents will have access to an infinity-edge pool, wet bar, aqua bed, meditation gardens, fitness center, business center, spa, game room and private beach club membership to the Eden Roc Resort and Spa, located nearby on Miami Beach. The building will also feature a 605-space parking facility. The Mint will be located at Southwest 3rd Street and South Miami Avenue.
Manny de Zarraga, executive managing director of HFF; Terri Echarte, director; and Kim Flores, associate director, worked exclusively on behalf of Key International to secure financing. Key was represented by Rene Murai, managing partner of the Murai, Wald, Biondo, Moreno & Brochin, P.A. law firm.
Corus Bank, based in Chicago, provided a $191-million, adjustable-rate construction loan for the development of The Mint. Ocean Bank, based in Miami, provided a $18.5-million, adjustable-rate land loan to refinance two of Riverfront's parcels.
Riverfront West will consist of four buildings, with direct access and frontage along the Miami River. The Ivy, currently under construction, is the first phase of the project. It features 504 condos with 12,000-sq.-ft. of retail space. Construction financing for the Ivy was arranged by HFF in 2005.
Scheduled for completion in February 2009, The Mint will feature 535 one-, two- and three-bedroom condo units averaging 1,156 square feet, as well as 12,126 square feet of retail space. Residents will have access to an infinity-edge pool, wet bar, aqua bed, meditation gardens, fitness center, business center, spa, game room and private beach club membership to the Eden Roc Resort and Spa, located nearby on Miami Beach. The building will also feature a 605-space parking facility. The Mint will be located at Southwest 3rd Street and South Miami Avenue.
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