Cymbal DLT to construct residences in Miami Gardens after shopping for property from Blackstone
Miami based cymbal DLT Cos. acquired a multifamily development site in Miami Gardens and secured a construction loan to break ground this summer.
Centerport Owner LLC, an affiliate of New York-based Link Logistics, a division of Blackstone, sold the 13.65-acre site at 20775 NW 17th Ave. for $15.52 million. The vacant property last traded for $4.39 million in 2018. Formerly a horse stable property, Link Logistics originally filed plans for industrial there before rezoning it multifamily instead.
Now, Cymbal DLT has secured a $102.5 million construction loan from Related Fund Management to build the apartments. The project will feature 341 units in 11 buildings. Amenities will include a clubhouse, a fitness center, a game room, a pool, a playground, a meditation garden, a metaverse room, and a coworking lounge.
Cymbal DLT is a partnership between Asi Cymbal of Cymbal Development, Hector Torres of DLT Global.
Chicago-based Jo Palma + Partners designed the project.
“We are grateful to Related for their massive investment in our vision of bringing world-class architecture to Miami Gardens and impacting this community in a positive way with an emphasis on design, original art, technology, landscaping, wellness, and sustainability,” Cymbal said.
He added that rents would be under $2,500 per month. The first units should be ready about 12 months after construction starts.
Related Fund Management is an affiliate of New York-based Related Cos., led by billionaire Miami Dolphins owner Stephen M. Ross. He also owns Hard Rock Stadium in Miami Gardens.
Avery Klann of Newmark and Jose Fernandez and Ryan Shaw of Marcus & Millichap arranged the land sale. Christian Uriarte of Torus Capital Group brokered the loan. The developer worked with attorneys Adam Lustig and Ali Lehson of Bilzin Sumberg on the loan and John Hotte of Krinzman Huss Lubetsky Feldman & Hotte on the land deal.
Howard Schrieber of Hunton Andrews Kurth represented Related on the land deal, while Richard Abramson from Cole Schotz helped Blackstone sell the land.
With rents rising at record rates in Miami-Dade County, many developers are eager to start apartment construction to capitalize on the hot market.
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