News Summary
Fortune International Group and Blue Road have secured a $73.3 million construction loan for the Nexo Residences, a short-term rental condominium community in North Miami Beach. The project, featuring 254 units, is being financed by Bank Hapoalim International and is set to be completed in 2027. The residences will cater to both homeowners and investors, including participants in the EB-5 Immigrant Investor program, with 90% of units already presold.
Fortune International Group and Blue Road Secure $73.3 Million Loan for Nexo Residences in North Miami Beach
Fortune International Group and Blue Road have successfully obtained a $73.3 million construction loan, paving the way for their ambitious project, Nexo Residences. This new development, located in North Miami Beach, Florida, is set to feature a total of 254 units designed for short-term rentals, making it a lucrative opportunity for both investors and potential residents.
Construction and Financing Details
The joint venture recently celebrated a significant milestone by topping out the 16-story towers last month. The construction loan has been provided by Bank Hapoalim International, while the financing was arranged by Berkadia on behalf of the partnership. Expected completion of the Nexo Residences project is scheduled for 2027.
Nexo Residences is part of a broader trend of benefitting from the EB-5 Immigrant Investor program, which allows international investors to gain lawful permanent resident status through an investment of $1.05 million in U.S. development projects.
Unit Features and Pricing
This forthcoming development will offer a variety of fully furnished units, with layouts ranging from studios to three-bedroom apartments. Additionally, there will be townhomes available, showcasing three- and four-bedroom floorplans. Unit sizes will vary from 531 to 2,438 square feet, appealing to a diverse range of buyers. Pricing for these units will commence in the $599,000s.
According to Berkadia, approximately 90 percent of the residences have already been presold, highlighting the strong interest in this new development before its official launch.
Amenities and Location
Future residents of Nexo Residences can look forward to a host of shared amenities designed to enhance their living experience. These will include:
- A three-story lobby
- A two-story technology center boasting coworking spaces
- A pool deck complete with a jacuzzi
- A children’s playground
- An outdoor movie theater
- Dedicated parking for every unit
Located at 13899 Biscayne Blvd, Nexo Residences is favorably positioned about 2 miles west of Florida International University-Biscayne. The site is conveniently situated 15 miles from Miami International Airport and 20 miles from Fort Lauderdale-Hollywood International Airport, making it easily accessible for both residents and visitors. Surrounding retail options include well-known stores such as Target, Costco Wholesale, Whole Foods Market, and Publix Super Market.
Comparative Construction Developments
Earlier this year, the Miami area witnessed significant financial activity in the luxury condominium sector. Notably, PMG secured $413 million for the construction of One Twenty Brickell Residences, which features 803 units in a dual-tower setup located in Miami’s Brickell district. Moreover, Alta Developers acquired a $94.2 million loan for the development of Cassia, a 12-story, 174-unit luxury project in the Merrick Park District.
The Nexo Residences, as a part of this expanding luxury market in South Florida, not only promises a residence but also a community-focused lifestyle. In addition to the previously mentioned amenities, a lounge with a café and a private event area will further enhance the living experience for its residents.
Deeper Dive: News & Info About This Topic
Additional Resources
- Multi Housing News: Fortune International Group and Blue Road Secure $73.3 Million Loan
- Law360: Fortune, Blue Road JV Secures $73M Fla. Condo Tower Loan
- Travel Daily News: Nexo Residences Receives $73.27M Construction Loan
- Connect CRE: Fortune, Blue Road Snag Loan to Build N. Miami Beach Condos
- Google Search: Nexo Residences
- Wikipedia: North Miami Beach, Florida
