LCOR has secured $192.5 million in construction loan financing for a multifamily property on Biscayne Boulevard, near Miami's Edgewater district. The financing, provided by the New York branch of the French Natixis Bank, is earmarked for the construction of a 42-storey high-rise at 1775 Biscayne Boulevard. This plot adjoins Northeast 17th Terrace and is located one block from Margaret Pace Park, on the boundary between Edgewater and the Arts & Entertainment District.
Project Details and Location
The project, known as 1775 Biscayne, will comprise 544 residential units, approximately 4,645 sq m (50,000 square feet) of amenity space, a 449-space car park, and around 929 sq m (10,000 square feet) of ground-floor retail space.
A representative from LCOR stated that construction is expected to be completed in the fourth quarter of 2028.
The developer, based in Berwyn, Pennsylvania, specialises in multifamily construction and acquired the 0.4-hectare (1-acre) plot in 2022 for $49 million. This project represents LCOR's first development in South Florida, marking a significant step for the company in this region. Miami is considered one of the country's most competitive rental markets.
Market Dynamics and Intermediation
A 2025 report from Rentcafe indicates an occupancy rate of 96.4 per cent for the Miami rental market, underscoring the high demand and attractiveness of the location. The transaction was arranged by IPA Capital Markets, a division of Marcus & Millichap. The team that successfully brokered this financing consisted of Max Herzog and Andrew Cohen. The realisation of this project will enhance housing provision in a dynamic part of Miami.
