Posted Dec 23, 2015, 6:42 PM
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NYC/NJ/Miami-Dade
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Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 45,840
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41-Story Apeiron Gets Loan To Cover Soft Costs; Second Phase Planned
Quote:
The developers of Apeiron have obtained $21 million in financing to cover engineering, architecture, planning and other costs.
Apeiron will be built in two phases. The first phase includes a 41-story with hotel and condo units, along with a parking garage. A second phase will include 120 condo units in a tower of an unspecified height.
Silver Arch Capital Partners Closes $21 Million Land Loan for Major Miami Waterfront Project
Famed ‘Jockey Club’ site to re-emerge as a destination development
The site of the legendary Jockey Club, the hot Miami social club of the 60’s, will soon be transformed with the addition of the 1 million-square foot luxury residential and hotel development Apeiron at the Jockey Club, thanks to a $21 million loan by Hackensack, NJ-based private lender, Silver Arch Capital Partners.
Jeffrey Wolfer, President and CEO of Silver Arch Capital announced the company’s completion of the funding for the proposed project. The two-year loan was obtained by Apeiron Miami, LLC, a partnership headed by Ritz Carlton Group co-founder and former President Horst Schulze, former Chairman of HBA International Michael Bedner, and former Vice President of Related International Muayad “Mo” Abbas. “We are pleased that we can be part of such an exciting project on such a great site, with a group that will make this outstanding project happen,” said Wolfer. “The team includes individuals with lengthy track records in development, hospitality, and management that positions them well to execute on their vision.”
David Larson, Associate Director of NGKF Capital Markets was the broker on the transaction. Newmark Grubb Knight Frank, is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
“Both development and lending teams were able to come together to realize the extraordinary opportunity in the Jockey Club, a project that will once again be a preeminent Miami destination,” adds Larson. “The team at NGKF looks forward to many more deals with Silver Arch Capital Partners.”
The project comes at a time when Miami is living up to its nickname as The Magic City. “Growth in the Miami, Miami Beach and Kendall market continues, with employment expanding into record territory, including strong growth in finance and manufacturing jobs,” said Wolfer. “Tourism and rebounding in-migration are also driving the market’s retail landscape, with additional jobs resulting from that trend. Construction and real estate have benefited from the heightened demand for condominium high-rises, and this project is clearly designed to help meet that strong and growing demand.”
The site is the remaining undeveloped portion of the Jockey Club sitting directly on Biscayne Bay at 1111 Biscayne Blvd. The three existing condominium buildings, Jockey Club 1, 2 and 3, were developed in the 1970’s and 80’s, and the remainder of the site boasts fantastic views and is perfectly situated for the proposed development.
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