13th Floor, Key International score $95M loan for the Harbour
Project is more than 75 percent sold
April 14, 2016 04:30PMBy Katherine Kallergis
Rendering of the Harbour in North Miami Beach
13th Floor Investments and Key International closed a $95 million construction loan for their North Miami Beach project, the Harbour.
Arkansas-based Bank of the Ozarks is the lender for the twin-tower, 425-unit luxury development. Developers broke ground on the project in February and plan to complete construction by the summer of 2018, according to a press release.
The firms paid about $31 million for the land, a 5-acre site at 16385 Biscayne Boulevard, in August. When it opens, residents will have access to a variety of sports facilities, a private beach, infinity pool, restaurant and bar, spa, dog park, aromatherapy trail that surrounds the project site, playground and children’s water park, plus an aqua club that will lend out gear for a plethora of watersports, including boats.
The Harbour follows the cycle’s standard 50 percent deposit model. Median prices start in the $500,000s, according to the release. The project is more than 75 percent sold, according to a spokesperson.
It marks the fourth collaboration between 13th Floor and Key International. The two have worked on Eden House, 1010 Brickell and 400 Sunny Isles.
Source: The Real Deal