Clearline Real Estate has secured construction financing for the Excel Miami Apartments, a 24-story multifamily tower set to rise in downtown Miami. Centennial Bank has provided a $68.5 million senior construction loan, while Sunrise Realty Trust has committed $13 million toward a $26 million subordinate loan for the project.
“We’re thrilled to collaborate with Clearline Real Estate on the Excel Miami project, which is located in the Arts & Entertainment District, one of Miami’s most desirable and rapidly growing neighborhoods,” said Jay Brito, Senior Vice President and Senior Commercial Loan Officer at Centennial Bank. Brito facilitated the senior loan transaction on behalf of the bank.
“This development will deliver much-needed housing with top-tier amenities, catering to a diverse workforce and residents who prioritize convenience and connectivity to key areas such as Wynwood, Midtown, Downtown Miami, and Brickell,” Brito added.
The 427-unit Excel Miami Apartments, designed by Arquitectonica, will be located at 1550 NE Miami Place in the Art and Entertainment District. The building will span 214,183 rentable square feet and offer studio, one- and two-bedroom apartments, along with 13 townhouse loft units. Amenities will include a pool, yoga deck, fitness center, coworking space, screening room, and podcast suites.
The property is less than 7 miles from Miami International Airport, approximately 2 miles south of downtown Miami, and similarly close to Wynwood and the Design District. Future residents will enjoy walking distance access to retail, dining, and entertainment venues.
Construction on the project is already underway.
Miami Market Activity
The Miami market has also seen a rise in transaction activity. Recently, financing was secured for the St. Regis Residences in Miami, a 50-story condominium project on Biscayne Bay in South Brickell, slated for completion in 2027.
In the Kendall neighborhood, the 324-unit luxury property Atlis Grand Kendall has recently opened. Located at 9455 SW 137th Ave, it offers one-, two-, and three-bedroom apartments with rents ranging from $2,195 to $4,090.
Strategic Location Benefits
The district provides exceptional connectivity and convenience, being situated close to key Miami neighborhoods like Wynwood, Midtown, Downtown, and Brickell. Its proximity to Miami International Airport (less than 7 miles away) and walkable access to retail, dining, and entertainment venues make it highly attractive for potential residents
Urban Development Characteristics
Arts & Entertainment Districts are known for:
- Attracting young professionals and residents
- Providing vibrant, pedestrian-friendly environments
- Offering diverse cultural and entertainment opportunities
- Enhancing property values and urban revitalization
Economic and Cultural Advantages
These districts typically:
- Boost local economic activity
- Create employment opportunities
- Attract a well-educated workforce
- Provide a creative and innovative community environment
Final Thoughts
The Excel Miami Apartments project aligns perfectly with these district characteristics, offering amenities like coworking spaces, podcast suites, and a diverse range of unit types that cater to the dynamic urban lifestyle sought by modern professionals.
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