13th Floor gets $83 million to build apartments next to Big Easy Casino – Commercial Observer

13th Floor Investments secured $83 million to build housing next to the Big Easy Casino in Hallandale Beach, Florida.

The construction loan from CIBC Bank USA Covers Parks in Hallandalea 398-unit garden-like complex in 2002 Pembroke Roaddirectly west of the 25,000 square meter casino across the Dixie Highway.

SEE ALSO: Emerald Creek Capital lends $52 million for Midtown East condo project

The MSA ArchitectsThe planned project will include seven five-story buildings and 6,500 square feet of ground-floor retail space. Ten percent of the units will be workforce housing, a 13th Floor Investments spokesman said.

The Miami-based developer bought the 15.5-acre site three years ago for $18.5 million, land records show.

Construction began this week and is scheduled to be completed in 2026. Berkadia‘S Scott Wadler And Alec Fox arranged the preferred equity for the project, which was provided by Houston-based Marble capital.

“Located at the intersection of Miami-Dade and Broward counties, the city of Hallandale Beach has become a center of dynamic growth in recent years. This development underscores our commitment to meeting the increasing demand for high-quality housing in one of the region’s most desirable submarkets,” Arnaud Karsentimanaging partner of 13th Floor Investments, said in a statement.

The financing for 13th Floor is the second major construction loan closed for a Hallandale Beach project in the past week. Developer Giuseppe Iadisernia secured $85 million for the completion of a residential tower and a parking garage in Hallandale Oasis mixed-use development.

Julia Echikson can be reached at [email protected].