Developers refinance 2500 Biscayne, sell ownership stakes

Developers refinance 2500 Biscayne, sell ownership stakes

Wednesday, February 21, 2018

2500 Biscayne (Credit: Biscayne)

Greystone Development just sold its stake in a new mixed-use rental tower in Edgewater, and the remaining owners refinanced the property.

The New York-based development company partnered with Alta Developers to build the 19-story, 156-unit building at 2500 Biscayne Boulevard. Alta refinanced the building with a loan in the $50 million to $60 million range from Invesco, sources said.

Infinity Real Estate, a partner in the project, also closed on the roughly 13,000-square-foot retail component in a separate deal valued at about $7 million.

HFF’s Jaret Turkell, Brian Gaswirth and Maurice Habif arranged the refinancing.

Property records show Greystone affiliate 2500 Biscayne Property LLC paid $10 million for the development site in 2014. The building, which includes about 275 parking spaces, a pool, Jacuzzi, game room and fitness center, opened late last year. Rents started at $2,023 a month, a spokesperson said at the time.

Retail tenants include Rice Kitchen with 2,500 square feet, Mercantil Bank with about 3,000 square feet and a 7,300-square-foot Mount Sinai Medical Center medical office, Infinity partner David Berg said.

Records show construction was financed with a $34.9 million loan from Fifth Third Bank.

Greystone and Alta were not immediately available for comment.

Source: The Real Deal