Two-Tower Sunny Isles Beach Apartments Secure $97M Construction Loan
The Brunetti Organization, whose late patriarch owned the Hialeah Park racetrack, is developing the towers.
June 18, 2020 at 10:13 AM
2 minute read
A rendering of the two 17-story Las Marinas apartment towers on tap in Sunny Isles Beach.
A two-tower multifamily development planned on the Intracoastal Waterway in condominium-studded Sunny Isles Beach secured a $97 million construction loan.
Each of the Las Marinas towers will be 17 stories with 128 units next to the Marina del Mar apartment tower developed in 1962.
The Brunetti Organization, a Brunetti family real estate investment and development company, secured the financing from New York Life Insurance Co. on June 10. The transaction breaks down to $378,906 per unit.
This is a 15-year construction-to-permanent loan with a fixed interest rate and five years of interest only.
Las Marinas is to rise on 8.6 acres at 100 Kings Point Drive across Collins Avenue from Trump Towers II. The project will include an eight-story, 860-space garage and a seawall.
John Brunetti Sr., who died in 2018, started The Brunetti Organization and is best known as the longtime owner of the Hialeah Park racetrack. The company is now led by his son, John Brunetti Jr.
The first phase of construction will include upgrades to the 16-story, 336-unit Marina del Mar tower, which is owned by a Brunetti family affiliate. Century Towers Associates, the same affiliate the Brunetti Organization used to secure the new financing, owns the existing tower.
The first phase of construction also will include the garage and seawall for each tower. Construction is set to start in July and finish in 2022.
Berkadia senior managing director Charles Foschini and managing director Christopher Apone in Miami secured the financing on behalf of The Brunetti Organization.
This was a complex deal taking the project from construction to permanent financing and closing during the coronavirus pandemic.
"A construction-to-permanent loan is one of the most unique executions within the capital markets. In one transaction, capital is provided that allows not only for the development of the towers but locks in an interest rate today for a project that will not be built and stable for several years," Foschini said. "To achieve this in the middle of a pandemic required a Promethean effort from all parties on both sides of the transaction."
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