Premium Development plans to build apartments and retail in Miami’s Little Havana.
Premium Development will start building the First Little Havana apartment complex in Miami after obtaining a $34 million construction loan.
Man Global Private Markets awarded the mortgage to Premium 1st Street LLC, an affiliate of the Austria-based developer. JLL Capital Markets’ Brian Gaswirth and Michael DiCosimo helped the developer secure financing.
The loan covers the 1.45-acre site at 702-760 S.W. First St., plus 118 S.W. Seventh Ave. First Little Havana will have 194 apartments in 160,000 square feet, 7,000 square feet of ground-floor retail, and 231 parking spaces. Amenities will include a pool, a fitness center, a yoga studio, and a dog park.
This project would continue a wave of multifamily development in Little Havana, a historic neighborhood with many Cuban-American restaurants, bars and cultural attractions. It’s just west of downtown Miami, which makes the area ideal for workers in the urban core.
“Premium Development has established itself as a premier residential developer within Europe and is endeavoring to replicate their success within South Florida,” Gaswirth said. “We were able to identify a strategic lender that seeks to help facilitate Premium’s growth here. Man GPM structured highly accretive terms to help the developer plant their flag in the dynamic Miami market.”
The 8-story building was designed by Anillo Toledo Lopez. It is expected to be completed in 2021.
The apartments would range from 644 to 1,163 square feet. There would be 103 one-bedroom units and 93 two-bedroom units.
The developer acquired the property for $3.3 million in 2017.
“This project is aligned with our lending strategy of targeting what we believe to be high-quality real estate in established locations, with a focus on developments and value-add properties backed by experienced sponsors,” said Jonathan Schube, head of U.S. Commercial Real Estate Debt at Man GPM.
By Brian Bandell – Real Estate Editor, South Florida Business Journal
Feb 24, 2020
