06 Apr Villa Solé funding secured for multifamily community development, Miami
Villa Solé, a multifamily and retail project in North Miami has secured a US$32 million construction loan for its second multifamily community development. Turnberry Associates and LeFrak Organisation secured the funding through affiliate SM Parcel A, a mortgage record shows. JPMorgan Chase provided the loan. The loan is for a six-story, 187-unit Villa Solé, which topped off this month and is to be finished in October, according to a spokesperson for SoLé Mia. The mid-rise will have one- and two-bedroom units with floor-to-ceiling windows, spa-like bathrooms, and expansive balconies. The project was designed by MSA Architects and KDS Interiors. Design Studio Boca is the landscape designer.
The US$4 billion Villa Solé multifamily community development is a master-planned project on the southeast corner of Biscayne Boulevard and Northeast 151st Street. The site includes a man-made, seven-acre swimmable water feature, Crystal Lagoon; a one-acre park; and residences with expansive views of Oleta River State Park to the southeast. Once completed, there will be 12 residential towers which come to a total of 4,000 units. Villa Solé comes on the heels of The Shoreline, a pair of 17-story buildings totaling 397 units. Construction started in March on the third tower, a six-story Villa Laguna with 190 units, which is to be finished in September 2022, according to a news release.
Villa Solé and Villa Laguna together will have a total of 25,000 square feet of ground-floor retail. The entire project aims to bring an urban-core lifestyle to the expansive 184-acre property where residents can swim in the lagoon or go shopping. The site includes a 166,000-square-foot Costco (wholesale store) just west of the water and some of the development parcels for residential buildings. The wholesale store moved from its previous location nearby in North Miami Beach.