MIAMI — Madison Realty Capital has originated a $55 million construction loan for Metro at Edgewater, a 32-story, 279-unit residential apartment development in Miami. Melissa Rose and Jesse Wright of JLL Capital Markets arranged the financing. The unnamed borrower(s) will also use the funds to construct the adjacent 18-unit Sonder building. The overall project is slated for completion by July 2023.
Metro at Edgewater will contain 266,306 square feet of residential space and 4,230 square feet of ground floor retail space. The property will offer a unit mix of one-, two- and three-bedroom floorplans. Community amenities will include a coffee bar, hotel-style pool deck, fitness center, juice bar, coworking spaces, library, 24-hour lobby attendant and 312 onsite parking spaces.
Located at 430 NE 31st St. in Miami’s Edgewater neighborhood, the property is situated 12 miles from the University of Miami and 7.2 miles from Miami International Airport.