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$24M Brickell District Loan Starts Miami Hotel-Residential Project

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A three-tower residential-hotel project in Miami’s booming Brickell Financial District got a $24 million boost in the form of construction financing.

Smart Brickell will have two hotel-condominium towers and one apartment tower on 1.23 acres southeast of Interstate 95 and Southwest Eighth Street.

Miami-based developer Habitat Group secured the loan from Ocean Bank for the development at 239 SW Ninth St. on Jan. 31.

Habitat Group founder, president and CEO Santiago Vanegas and development director Valentina Perez-Cea led the team in closing the transaction.

The financing will be used at least for the first 25-story tower, which is to be completed early next year. It will have the 50-key Smart Brickell Hotel and 50 condo units, which are sold out. Tower 2, which is soon to break ground for delivery in late 2021, also will have a 50-key hotel and 50 condo units. It’s 90% sold at prices ranging from $300,000 to $600,000.

The 97-unit multifamily tower is planned in the future without a hotel.

The project is rising west of tony Brickell Avenue. The neighborhood has evolved beyond the office base and is attracting residents seeking the live-work-play lifestyle that allows them to walk to work and entertainment.

A project like Smart Brickell is a good addition that the city needs, said Alicia Cervera Lamadrid of Cervera Real Estate, which is leading the condo sales.

“Smart Brickell is confirmation that buyers are looking for flexibility and ease of use for their investments,” Cervera Lamadrid said in a news release. “With Smart Brickell, we have set a precedent for developers and buyers alike. The building’s amenities, price points and integration of design and space are proof this project model not only works but is undoubtedly required in a globally connected city like Miami.”

Smart Brickell will focus on three main themes — smart use, smart design and smart technology.

The two condo-hotel towers share the same design and offer fully furnished or custom furnished units. Architect Hernando Carrillo in Miami designed the three towers, and interior designs were done by Arquitectonica.

The smart tech comes in the form of Wi-Fi enabled features such as Nest thermostats and Echo/Alexa home and personal assistant. There also is a mobile concierge and parking spaces with charging stations.

The project will have an amenity deck with a landscaped recreation area and expansive terrace, two resort-style pools, sundeck, gym, organic cafe on the ground floor, a spa and rooftop lounge.

https://www.law.com/dailybusinessreview/2020/02/11/24m-brickell-district-loan-starts-miami-hotel-residential-project/

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ERIC KALIS
Daily Business Review
SOUTH FLORIDA TRANSACTIONS
DEAL OF THE DAY Two buildings bought for $6.8M
Address: 1600 and 1690 SW First Ave., Miami Property type: Two apartment buildings totaling 54 units Price: $6.8 million, or $125,843 per unit Seller: Brickell Park View LLC, Santiago Vanegas, manager Buyer: Pan American Brickell LLC, Carlos Lopez-Cantera, manager Past safe: $5.79 million in April 2011