Berkadia Secures $80.924 Million Construction Loan for Aria Development Group and AQARAT to Build Luxury Condos in Downtown Miami
501 First Residences, located on NE First Avenue, will deliver 448 luxury condos to downtown Miami
MIAMI (November 16, 2022) – Berkadia announces it has arranged $80.924 million in construction financing for 501 First Residences, a 448-unit luxury condominium high-rise building in Miami, Florida. Managing Director Scott Wadler, Senior Managing Director Mitch Sinberg, Senior Director Matt Nihan and Senior Analyst Michael Basinski of Berkadia Miami secured the financing on behalf of Aria Development Group and AQARAT.
Bank OZK provided the $80.924 million, 42-month, full-term interest only loan at an aggressive floating rate.
Located in Downtown Miami at NE First Avenue, 501 First Residences will offer studio, one- and two-bedroom units ranging from 603 square feet to 1,015 square feet. Amenities will include a lap pool, a private club suite with game tables, an entertainment chef’s kitchen, a media room and library, a state-of-the-art indoor gym with private training rooms, a sunrise terrace, private rooftop movie theater, outdoor game lawn, coworking boardrooms with smart technology, pet bath stations, valet service and secure bicycle storage.
The property will be situated close to the Adrienne Arsht Center, the Miami Heat Arena, the History Miami Museum, the Perez Art Museum Miami, Miami Dade College, the metro mover, Bayfront Park and it will be less than 20 minutes away from the Miami International Airport and Miami Beach.