The Nexo Residences, a new development in North Miami Beach, is well underway.
Fortune International Group and Blue Road have secured a $73.3 million construction loan for the Nexo Residences, a short-term rental condominium community in North Miami Beach. The project, featuring 254 units, is being financed by Bank Hapoalim International and is set to be completed in 2027. The residences will cater to both homeowners and investors, including participants in the EB-5 Immigrant Investor program, with 90% of units already presold.
Fortune International Group and Blue Road have successfully obtained a substantial $73.3 million construction loan to bring the ambitious Nexo Residences project to life in North Miami Beach, Florida. This development is set to be a short-term rental condominium community comprising 254 units. The financial support for this initiative comes from Bank Hapoalim International, while Berkadia arranged the financing on behalf of the joint venture. The construction of Nexo Residences is expected to wrap up in 2027.
Having recently topped out the 16-story towers, the developers are making significant progress on the project, which has captured attention due to its prime location at 13899 Biscayne Blvd. Situated approximately 2 miles west of Florida International University-Biscayne, and within 15 miles of Miami International Airport and 20 miles from Fort Lauderdale-Hollywood International Airport, Nexo Residences is strategically positioned to attract a diverse pool of residents and investors.
Notably, the funding for this exciting project is partly made possible through the EB-5 Immigrant Investor program. This program allows international investors to gain lawful permanent resident status by investing a minimum of $1.05 million in the development. As a result, Nexo Residences is expected to draw interest not only from potential homebuyers but also from those looking to gain residency through investment.
The residences will feature fully furnished units spanning a range of sizes, from cozy studio layouts to expansive three-bedroom units. In addition to these options, there will be townhomes available with three- and four-bedroom floorplans. Unit sizes will vary from 531 to 2,438 square feet, with pricing commencing at around $599,000. Remarkably, about 90 percent of the residences have already been presold, indicating a strong market demand for this project.
Residents of Nexo Residences can expect a variety of shared amenities designed to enhance their living experience. These include:
The project’s location offers additional perks, with nearby retail options that include popular establishments such as Target, Costco Wholesale, Whole Foods Market, and Publix Super Market. This accessibility to shopping and dining enhances the appeal of Nexo Residences for both investors and future residents alike.
The financing team at Berkadia was instrumental in securing the necessary funds for this project. Key members of the team included Scott Wadler, Brad Williamson, Matt Robbins, Michael Basinski, Bobby Dockerty, and Mitch Sinberg. Their efforts contributed significantly to the success of this financing arrangement.
In a broader context, the real estate market in Miami has seen similar activity earlier this year. For instance, two other luxury condominium developments have also received substantial construction loans: PMG managed to secure a hefty $413 million for the One Twenty Brickell Residences, which consists of 803 units in Miami’s Brickell district. Additionally, Alta Developers obtained a $94.2 million loan for Cassia, a 12-story, 174-unit luxury project in the Merrick Park District.
Ultimately, Nexo Residences stands as a promising development that caters to the increasing demand for residential options in North Miami Beach while also presenting unique investment opportunities through the EB-5 program. As the project moves forward, it will be closely watched by both the investment community and potential residents looking for modern housing solutions in a vibrant locale.
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