Rendering of Quadro (Credit: Metrostudio) and developer Henry Pino
Alta Developers closed on a $58.4 million construction loan for a mixed-use project at 3900 Biscayne Boulevard.
The Miami-based development firm, led by Henry Pino and Felipe Raimundo Onetto, secured the loan from Banco de Credito e Inversiones subsidiary BCI Miami, according to a press release. It’s for Quadro, a 198-unit, 13-story mixed-use apartment building planned for the former home of ABC affiliate WPLG-10.
The financing, which includes a $13.5 million mezzanine loan, took a year to structure and close, the release said. GrayRobinson shareholders Barbara J. Ferrer and Carlos Souffront, Taylor Yawney and Gretel Rodriguez represented the lender. Ferrer could not immediately be reached for comment.
The Comras Company is handling leasing for the 28,000 square feet of ground floor retail space. Revuelta Architecture and Behar Font & Partners are designing the 13-story building. It’s going through the city approvals process, including re-platting and environmental remediation.
Quadro will replace the Miami Arts Charter School, which moved to a new facility in Wynwood. Nancy Karp, of Kobi Karp Architecture & Design, sold the 1.6-acre property to Alta in 2015 for $18.4 million.
Alta’s other South Florida developments include Baltus House at 4250 Biscayne Boulevard, 900 Biscayne and Le Parc at Brickell. – Katherine Kallergis
from The Real Deal Miami https://therealdeal.com/miami/2017/07/21/alta-nabs-58m-construction-loan-for-3900-biscayne-project/
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