Hackensack, NJ-based lender, Silver Arch Capital, has arranged a $21 million loan for a one million-square foot luxury residential and hotel development at the site of the famous Jockey Club in Miami.
David Larson, Associate Director of NGKF Capital Markets in Miami was the broker on the transaction.
The project comes at a time when Miami is living up to its nickname as The Magic City. “Growth in the Miami, Miami Beach and Kendall market continues, with employment expanding into record territory, including strong growth in finance and manufacturing jobs,” said Wolfer.
“Tourism and rebounding in-migration are also driving the market’s retail landscape, with additional jobs resulting from that trend. Construction and real estate have benefited from the heightened demand for condominium high-rises, and this project is clearly designed to help meet that strong and growing demand.
The site is the remaining undeveloped portion of the Jockey Club sitting directly on Biscayne Bay at 1111 Biscayne Blvd. The three existing condominium buildings, Jockey Club 1, 2 and 3, were developed in the 1970’s and 80’s, and the remainder of the site boasts fantastic views and is perfectly situated for the proposed development.
The funding will be utilized for development “soft costs,” including engineering, architecture and planning, for the two-phase mixed-use project of more than 1 million square feet.
Phase one of the proposed build-out consists of a 41-story tower planned to house 120 condominium units and a 90-room hotel, and will include a restaurant, fitness center and amenities. The initial phase also includes construction of a 417-space, two-story parking structure and reconstruction of an adjacent 38-slip marina.
The second phase of the project will be a residential condominium building with a total of 120 units and a 346-space parking structure.
“We are thrilled to have secured this financing for the Apeiron project and appreciate the confidence that our partners have placed in both our project and our leadership team,” said Abbas, a founding partner with the development team behind Apeiron at the Jockey Club. “Step by step, we are laying the groundwork for what will be a phenomenal luxury development in an untouched corner of the Miami market.”