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Debt & Equity

AY secures $47M for first Miami highrise in 10 years

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INTown is being developed by Astor Companies.

Avison Young announced that its New York City-based Debt, Joint Venture and Structured Capital team has secured a $46.7 million construction loan for INTown, an $81 million, 14-story, two-tower, mixed-use project in the Little Havana section of Miami, Florida.

The Avison Young team of principal David Eyzenberg and director Amanda Saltzman secured the loan on behalf of the developer, Astor Companies.

Designed as two split condominium and multi-family rental towers with retail space on the ground level, the building will be the first high-rise developed in the area in more than 10 years.

DAVID EYZENBERG
DAVID EYZENBERG

“While it is challenging to underwrite the combination of rental and condominium units in this market, we were able to identify a lender that is comfortable with the mixed-use components and is familiar with the nuances of the Little Havana submarket,” Eyzenberg said.

“Additionally, we were able to craft a creative hybrid construction/conversion structure that provides flexibility to release units in the rental tower once certain hurdles are met.”

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