Alta nabs $58M construction loan for 3900 Biscayne project
Alta Developers closed on a $58.4 million construction loan for a mixed-use project at 3900 Biscayne Boulevard.
The Miami-based development firm, led by Henry Pino and Felipe Raimundo Onetto, secured the loan from Banco de Credito e Inversiones subsidiary BCI Miami, according to a press release. It’s for Quadro, a 198-unit, 13-story mixed-use apartment building planned for the former home of ABC affiliate WPLG-10.
The financing, which includes a $13.5 million mezzanine loan, took a year to structure and close, the release said.
The Comras Company is handling leasing for the 28,000 square feet of ground floor retail space. Revuelta Architecture and Behar Font & Partners are designing the 13-story building. It’s going through the city approvals process, including re-platting and environmental remediation.
Quadro will replace the Miami Arts Charter School, which moved to a new facility in Wynwood. Nancy Karp, of Kobi Karp Architecture & Design, sold the 1.6-acre property to Alta in 2015 for $18.4 million.
Alta’s other South Florida developments include Baltus House at 4250 Biscayne Boulevard, 900 Biscayne and Le Parc at Brickell. – Katherine Kallergis
Source: The Real Deal