Canyon Provides $102.3M Bridge Loan for Multifamily Property in Miami

MIAMI — Canyon Partners Real Estate LLC has provided a $102.3 million senior bridge loan for the recapitalization of Shorecrest Club, a 467-unit, waterfront apartment community in Miami. Canyon arranged the transaction on behalf of the borrower, Upper East Side Miami LLC, an affiliate of ECI Group, an Atlanta-based real estate development, brokerage and management company. The property is located roughly 10 miles from Miami International Airport and eight miles north of Miami’s Brickell district. Shorecrest Club offers a mix of one- to three-bedroom units, with rents starting at $1,535 per month for a one-bedroom, according to Apartments.com. In addition, the property features a resort-style pool with lap lanes, outdoor cabanas, fitness center with saunas, tenant lounges, storage units and a movie theater. ECI Group plans to further enhance the property with the addition of 12 boat slips for the planned Biscayne Bay waterfront, landscaping and a dog park.