Florida Construction News staff writer
Clearline Real Estate has secured $68.5 million in construction financing to build the Excel Miami Apartments, a 24-story multifamily development in downtown Miami.
Centennial Bank is providing the loan, while Sunrise Realty Trust has committed $13 million to a subordinate loan, bringing total project financing to $94.5 million.
The building will be located at 1550 NE Miami Place, in Miami’s rapidly developing Arts & Entertainment District and includes 427 rental units, including studio, one- and two-bedroom apartments, as well as 13 townhouse lofts.
Designed by Arquitectonica, the building will offer a total of 214,183 rentable square feet.
“This property will provide much-needed housing with premium amenities, positioned to meet the demands of a diverse workforce and residents who value convenience and connectivity to key neighborhoods such as Wynwood, Midtown, Downtown Miami, and Brickell,” said Jay Brito, senior vice president at Centennial Bank.
Amenities include a pool, yoga deck, fitness center, coworking space, screening room, and podcast suites. The site is about seven miles from Miami International Airport.
