Capital One Closes $88.7 Million Refinance of Shorecrest Club Apartments
MIAMI — Capital One has closed an $88.7 million refinance of ECI Group Inc. and Harbor Group International’s Shorecrest Club Apartments, a 467-unit, 20-story multifamily project located on the west shore of Biscayne Bay in Miami.
Loan proceeds will be used to refinance a syndicated construction loan, also from Capital One, used to build the complex. As with the construction loan that preceded it, 50 percent of the current loan has been syndicated with SunTrust Bank.
Capital One served as joint lead arranger, joint book runner and administrative agent for the syndicated loan.
With the project still under construction, Capital One issued terms for a takeout loan that would close shortly after construction was completed.
Located adjacent to the John F. Kennedy Causeway, the Shorecrest Club offers expansive views of Biscayne Bay, North Miami Beach and Bal Harbor from each of its two towers.
Amenities at the complex include a waterfront restaurant, lap and resort pools, cabanas and a sundeck overlooking the bay.
ECI Group is a privately owned development, construction, brokerage and management real estate company primarily focused on the multifamily sector.
Harbor Group International is a diversified real estate investment and financial services company with a portfolio of 99 properties in three countries valued at $3.8 billion.