Brunetti secures $ 97 million loan for Sunny Isles apartment towers
A company linked to the Brunetti Organization has secured a $ 97 million loan for the construction of two new apartment towers in Sunny Islands Beach.
Brunetti Organization, headed by John Brunetti Jr., has secured the loan from the New York Life Insurance Company to build Las Marinas Apartments, two towers of 17 floors and 128 units, according to a statement. The apartments, at 100 Kings Point Drive, will be adjacent to Marina del Mar, an existing 336-unit, 16-story rental tower built in 1962.
The loan will also be used to finance a structured eight-storey car park with 860 spaces and a new dike.
Charles Foschini and Christopher Apone of Berkadia arranged the funding on behalf of the Brunetti organization, the statement said. This is a 15-year fixed rate permanent construction loan with only five years interest.
“A construction-to-permanent loan is one of the most unique executions in the capital markets,” Foschini said in a statement. “In a single transaction, capital is provided that not only allows the development of the towers, but locks in an interest rate today for a project that will not be built and stable in several years. “
The Las Marinas development is on an 8.6 acre site surrounded by the Intracoastal Waterway.
Construction of the towers is scheduled to begin in July and will last 24 months. Square construction is the entrepreneur.
Brunetti Organization also plans to build 4,400 apartments at the Hialeah Park Racing & Casino site at 2200 East Fourth Avenue. The company was founded by John Brunetti Sr., who passed away in March 2018.
Brunetti Sr. bought Hialeah Park in 1977 and it later became one of South Florida’s premier racetracks, according to the Miami Herald.