Habitat Group obtained a $24 million construction loan for the first tower of the Smart Brickell condo project in Miami.
Miami-based Ocean Bank awarded the mortgage on the 1.23-acre development site at 229, 239 and 243 S.W. 9th St. Featuring 50 condos, 50 hotel rooms and 10,000 square feet of retail, the project broke ground in March and is on track for completion in 2021. It is sold out.
Habitat Group plans to break ground on the second tower of Smart Brickell, which will be the same size as the first tower, in early 2020.
“Receiving this loan for the construction of our first Smart Brickell tower is a testament to the project’s continuing success,” said Santiago Vanegas, president of Habitat Group. “Following the rapid sellout of Smart Brickell Tower 1, Smart Brickell Tower 2 is already 80% sold. We are looking forward to breaking ground on Tower 2 and continuing this construction momentum.”
The condos will range from 558 to 1,117 square feet. Prices range from $300,000 to $600,000. Owners will be able to rent their units up to 50 times a year on home-sharing services like Airbnb. They could also lease their condos to the developer to join the hotel pool.
Cervera Real Estate is the exclusive broker. The third tower is also planned with 97 multifamily units and 30,000 square feet of retail.
The 25-story Smart Brickell was designed by Gensler. Amenities will include two pools, a spa, a fitness center, a business center and a rooftop lounge.