GlobeSt.com UPDATE: Swerdlow JV Obtains $123M to Begin Oaks I

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NORTH MIAMI, FL-BLIA Developers, a partnership between Coconut Grove-based Swerdlow Group and Boca Developers, which is based in Deerfield Beach, has obtained a loan of slightly more than $123 million to construct Oaks I, a two-tower condo within the 194-acre Biscayne Landing mixed-use community. Oaks I is the opening phase of the master-planned community being developed in a private/public partnership with the city.

The two 25-story Oaks I towers are in the Royal Oak neighborhood of the full site. They will contain 373 residential condominiums, and this part of the project will also contain an adjacent six-story parking garage with 671 vehicle spaces. Calls to Swerdlow and the project manager were not returned by deadline. Published sales information indicates that the buildings’ two- and three-bedroom units range from 1,730 sf to 2,557 sf and are more than 90% pre-sold at prices beginning at $500,000.

Brea, CA-based Fremont Investment & Loan provided the funding, arranged by Thomas Moore, VP and senior loan originator in the Atlanta office. Moore tells GlobeSt.com the funding represents an 80% loan-to-cost ratio, which would put the project cost at just above $153.8 million. In November 2004 Fremont provided a $100-million loan for acquisition of the Biscayne Landing site, under a 200-year ground lease agreement, Moore says.

In all, Biscayne Landing calls for 35 residential buildings of between two and 25 stories for an aggregate of 6,000 units; a 100,000-sf town center including retail, restaurant and office space; a hotel and conference center, and 35 miles of parkland trails. The total cost is projected to exceed $1 billion and take place in four phases over 11 years.