The 156-unit building in Edgewater was completed late last year

2500 Biscayne (Credit: Biscayne)

TheRealDeal – February 23, 2018 – Greystone Development just sold its stake in a new mixed-use rental tower in Edgewater, and the remaining owners refinanced the property.

The New York-based development company partnered with Alta Developers to build the 19-story, 156-unit building at 2500 Biscayne Boulevard. Alta refinanced the building with a loan in the $50 million to $60 million range from Invesco, sources said.

Infinity Real Estate, a partner in the project, also closed on the roughly 13,000-square-foot retail component in a separate deal valued at about $7 million.

HFF’s Jaret Turkell, Brian Gaswirth and Maurice Habif arranged the refinancing.

Property records show Greystone affiliate 2500 Biscayne Property LLC paid $10 million for the development site in 2014. The building, which includes about 275 parking spaces, a pool, Jacuzzi, game room and fitness center, opened late last year. Rents started at $2,023 a month, a spokesperson said at the time.

Retail tenants include Rice Kitchen with 2,500 square feet, Mercantil Bank with about 3,000 square feet and a 7,300-square-foot Mount Sinai Medical Center medical office, Infinity partner David Berg said.

Records show construction was financed with a $34.9 million loan from Fifth Third Bank.

Greystone and Alta were not immediately available for comment.

Infinity Real Estate Announces Refinancing of 2500 Biscayne
Co-Developers Complete Property and Assign Ownership of Retail and Residential

Miami, FL – February 25, 2018 – Infinity Real Estate, LLC (“Infinity”) announced today the deed partitioning and refinancing of 2500 Biscayne Boulevard, marking a major milestone for the
three year development project. The 19-story, 380,000 square foot mixed-use property consists
of 156 luxury rental apartments, 20,000 square feet of amenity space, 275 covered parking
spaces and 13,000 square feet of street-level retail.

Infinity, Alta Developers and Greystone Development have jointly owned the Edgewater
property since 2015. The building and adjacent lots totaling 1.04 acres were purchased for $10
million and more than $40 million dollars has been invested in the development of the
property.

With the property now completed, Infinity will retain ownership of the retail, and Alta will
retain ownership of the residential units. Retail tenants include Mount Sinai Hospital, which
will occupy 7,300 square feet of medical and administrative space; Mercantil Bank, which will
house a branch in 3,000 square feet; and Rice Kitchen, which will operate its Edgewater
location in 2,700 square feet at the building. All spaces were pre-leased and procured during
construction.

Infinity partner David Berg noted, “Over 7,000 units have come into the market since 2014,
with nearly 2,000 more units in the pipeline. Edgewater is one of Miami’s most exciting highgrowth submarkets, and we are delighted to be serving the neighborhood with convenience
retail making this community more pedestrian friendly and enjoyable to live in.”

Infinity has invested more than $165 million in Miami real estate since 2014. The Company’s
holdings are diversified across Edgewater, Wynwood and South Beach.

Berg added. “Greystone and Alta have been great partners throughout this project. We thank
them and wish them great success in all of their endeavors. We also greatly appreciate
Mercantil Bank for being a valued financing partner and for choosing this location as home to another one of their branches.”