DAVIE, FLA. — The Estate Cos. (EIG), a South Miami-based multifamily developer, has received a $78 million construction loan for its luxury apartment development in the north Miami suburb of Davie. Banesco Bank provided the loan for Phase I of Soleste Reserve, an eight-story property situated on 2.5 acres that features a selection of floor plans ranging from 500 to 1,100 square feet.
The new complex will include 94 studios, 165 one-bedroom units, 68 two-bedroom units, seven three-bedroom units and 13 additional live-work apartments on the ground level. The Class A rental community will also include a resort-style pool and pool deck, an open-air rooftop terrace, gym, business center and resident’s lounge. The 347-unit project will take approximately two years to complete.
EIG has plans to further develop an eight-story sister project adjacent to Soleste Reserve at 5081 S.W. 48th St.