Estate Investments Group (EIG), one of South Florida’s most prolific multifamily developers, announced today that it has secured $52 million in construction financing for a new rental community in the Blue Lagoon neighborhood of West Miami (November 6, 2017). The loan was underwritten by Florida Community Bank (FCB), and will fund the development of the 330-unit Soleste Blue Lagoon rental community, located at 5375 NW 7 Street in Miami. Soleste Blue Lagoon is the latest EIG-developed property financed through FCB, with prior construction loans funding the development of Soleste Club Prado and Soleste West Gables II. The construction loan is the latest in a series of recent high-profile milestones from EIG, including the recent approval for the development of the 200-unit Soleste Bay Village, in The Village of Palmetto Bay; the approval of the 338 unit Soleste Twenty2 in West Miami, and the $59 million sale of the recently completed Soleste West Gables II, also in West Miami.
“Our unmatched location, designs and amenity offerings are leading each of our properties to consistently over-perform. We’re confident this positive trend will continue in the long-term, especially as the region’s growing base of well-educated young professionals drives demand for urban rental communities to new heights,” said Robert Suris, Founder and Principal of EIG. “We’re proud to partner with such an established financial institution like Florida Community Bank and look forward to working together to raise the bar for rental living.”
Soleste Blue Lagoon will feature units that come in studio, 1, 2, and 3-bedroom floor-plans and range from 400 SF to 1,100 SF. Residences feature sleek modern kitchens with custom cabinets, quartz countertops and designer lighting, full-size washer and dryers as well as impact resistant glass. The property will also include sprawling terraces offering dramatic views of Blue Lagoon lake. Amenities include a lake front resort-style pool, sun deck with private cabanas, and private beach with sand volleyball court, resident lounge, state-of-the-art health and fitness club, and a rooftop serenity garden as well as water-based activities in the lake. Rental prices will start in the low $1,300s. Construction on Soleste Blue Lagoon is expected to be completed by summer 2019.
