ECI, ADLER, CANYON CAPITAL REALTY TOP OFF WATERFRONT LUXURY RENTAL PROPERTY

MIAMI — A partnership between ECI Group, Adler Group and Canyon Capital Realty Advisors has topped off a 467-unit waterfront luxury apartment complex. The ShoreCrest Club Apartments on the Bay will offer a variety of one- and two-bedroom floor plans, ranging in size from 685 to 2,011 square feet. The 20-story tower apartments, located at 7950 North East Bayshore Court, will feature nine-foot ceilings, stainless steel appliances, granite countertops, walk-in closets and balconies with bay and skyline views. The apartments will also include a pool deck overlooking the Intracoastal Waterway, a fully-equipped fitness center, social room, sauna, theater, a covered parking garage, valet, cybercafé and 24/7 security. A 6,000-square-foot waterfront restaurant, as well as water access at its private marina will also be part of the property. Capital One Bank and SunTrust Bank provided senior financing for the project in the amount of $60 million to facilitate the property’s construction. Rental rates for units at ShoreCrest Club will range from approximately $1,500 to $3,600 per month. First occupancies are set for late 2014.