$138.1 million construction financing arranged for Miami condo project

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Walker & Dunlop, Inc. says it has arranged $138.1 million in construction financing  for Elysee, a 57-story waterfront condominium tower in Miami’s Edgewater neighborhood. The project is located on 0.67 acres at 788 Northeast 23rd St.  JP Morgan Chase Bank provided senior financing. John Moriarty & Associates in the project’s general contractor.

The financing was arranged by Kevin O’Grady and Eric McGlynn, both managing directors of the company’s capital markets group. “There was strong lender interest in this project given the presale activity, the developer’s experience in the area, and boutique nature of the building,” O’Grady said in a statement.

Construction of the 100-unit tower began in 2017 and is expected to conclude by 2020. Once complete, Elysee will feature three- and four-bedroom floor plans, ranging from 2,300 to 4,000 square feet, and up to 11,625 square feet for the largest penthouse unit on floors 56 and 57.

The project is being developed by West Palm Beach-based Two Roads Development, a partnership led by James Harpel, Reid Boren, and Taylor Collins. Two Roads is the developer of the now sold-out Biscayne Beach, a 53-story, 391-unit project also in Edgewater.

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