Trinity Southern has completed the acquisition of a development site and simultaneously secured US$19.5 million in construction financing for a boutique condominium project on the Miami Beach waterfront, according to public records. S3 Capital provided this financing for the eight-storey development, named “Twenty Nine Indian Creek”, located at 2901 Indian Creek Drive in the Mid-Beach neighbourhood, near the Miami Beach Edition Hotel.
In parallel with the financing commitment, the New York-based developer commenced construction and acquired the 1,393-square-metre plot for US$8 million. The seller was JMH Development, also a New York-based company, which had originally submitted the design for the condominium.
Project Overview and Market Development
Twenty Nine Indian Creek will comprise a total of 16 residential units spread over a saleable area of 2,308 square metres, complemented by a parking garage. This is according to a filing with Miami-Dade County. Dana Lozito, who heads Trinity Southern, confirmed to Commercial Observer that ten of the units have already been sold.
Luxury condominiums in Miami Beach and in South Florida generally remain an attractive investment target for lenders. Just in the same week, a partnership led by Terra secured a US$507 million construction loan for a residential tower in South Beach. An unusual feature of this financing by Tyko Capital was that it was granted by the sponsors even before the units went on sale. Typically, development projects must achieve certain sales targets before receiving financing.
Continued Investor Interest
Interest in the high-end property market persists. Last year, Mast Capital and Starwood Capital Group received US$390 million in construction financing for an OMA-designed project in Mid-Beach, underscoring the region's continued appeal for major investments.
- —Project Name: Twenty Nine Indian Creek
- —Address: 2901 Indian Creek Drive, Mid-Beach, Miami Beach
- —Financing Volume: $19.5 million by S3 Capital
- —Number of Units: 16
