MIAMI — Clearline Real Estate, an investment and development firm with offices in New York City and Miami, has obtained $94.5 million in financing for the construction of Excel Miami. Clearline is developing the 24-story high-rise community at 1550 N.E. Miami Place in Miami’s Arts & Entertainment District.
Centennial Bank provided a $68.5 million senior construction loan for the development. Jay Brito of Centennial Bank facilitated the financing. Additionally, Southern Realty Trust Inc. originated a $26 million mezzanine loan.
Excel Miami will offer 427 apartments in studio, one- and two-bedroom layouts, as well as 13 townhouse loft units. Amenities will include a pool, yoga deck, fitness room, coworking space, screening room and podcast suites. Locally based architect Arquitectonica designed Excel Miami. A construction timeline for the project was not disclosed.