Clearline Real Estate is getting $94.5 million in funding to support the development of a multifamily tower called Excel Miami Apartments.
Centennial Bank is providing a $68.5 million loan to support the construction. The subordinate loan worth $26 million total, is being issued by Sunrise Realty Trust, Inc. and an unnamed affiliated entity. They are committing $13 million each.
Excel Miami, located in Miami’s Art & Entertainment District, aims to feature 427 apartments, with 214,183 rentable square feet in total. The breakdown will consist of a mix of studios, one bedroom, and two bedrooms. Plus, there will be 13 townhouse loft units. Excel Miami intends to offer what Sunrise describes as a "vibrant artistic culture of downtown Miami" mixed in with modern living. The property will include amenities such as a fitness room, a pool, a yoga deck, podcast suites, a screening room, and a co-working space. The tower is set to stand 24 stories.
"We are proud to support Clearline, a 100% woman-owned firm, in developing Excel, a project that brings a fresh and modern approach to multifamily living in downtown Miami," Brian Sedrish, CEO of Sunrise, said in a statement.
"This development aligns with our focus on high-growth urban markets, and we believe it will be a vibrant addition to the Arts & Entertainment District."
Other multifamily properties in Clearline's portfolio in the region include 200 North and Urby Miami. Both are mixed-use assets, offering 11,000 square feet and 12,000 square feet of retail, respectively.
Miami for apartments continues to be one of the hottest markets in the nation for renters. The region was tied with Chicago with a competitive score of 91.3, according to a recent analysis from RentCafe. However, the marketplace noted that Florida's started to peak during move season, as 71.5% of those already renting chose to renew their leases this summer, down from 73% in the same period last year.