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| The Filling Station Lofts, Miami, FL |
New York, NY, Feb. 5, 2013 - PCCP, LLC announced today it
provided a $15.5 million senior loan to NR Investments, a private, Miami-based,
vertically integrated real estate developer/operator, for the acquisition of The
Filling Station Lofts, a partially complete, 10-story mixed-use residential
tower located in Miami, FL.
The tower totals 103,000 square feet and includes 81
loft‐style residential units on a .6‐acre lot within the Edgewater submarket,
just one-mile north of Downtown Miami.
CBRE arranged the financing for NR Investments.
The Filling Station’s original developer began construction
on the property in September 2006, at the peak of the South Florida Condo boom.
However, the interior build‐out was never finished because of the sharp market
decline, contracts were rescinded and the property fell into foreclosure. NR Investments plans on completing
construction within the next year and will lease-up the units as apartments.
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| Filling Station Lofts Rendering |
“NR Investments is a local operator that has a track record
of successfully developing, acquiring, and repositioning apartments, condos,
and office assets in South Florida,” said Kevin Chin, vice president
with PCCP, LLC. “This is an ideal time and opportunity for them to finish
construction given the lack of available new supply and strength of the Miami
residential market”.
The property is unique because each unit has 18‐foot
ceilings, a true mezzanine level and nearly every unit has either a terrace or
balcony. Common area amenities will include a pool deck, gym, spa/lounge and
124 covered parking spaces.
The property is located in the southwestern part of
Miami’s Edgewater neighborhood, just north of the high‐rise urban core of Miami
and south of the trendy Design District and Wynwood areas.
For a complete
copy of the company’s news release, please contact:
.Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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