Los Angeles – January 3, 2018 – Canyon Partners Real Estate LLC® (“Canyon”) has provided a $102.3 million senior bridge loan to Upper East Side Miami, LLC, an affiliate of ECI Group, for the recapitalization of the Shorecrest Club, a luxury 467-unit, high-rise, Class A multifamily property in Miami, Florida.
Canyon has a long track record of deploying debt and equity capital in Miami-Dade. Since 2010 alone, Canyon has invested over $800 million of capital in assets valued at approximately $2 billion. Past and current Miami-Dade investments include the SLS Brickell Hotel & Residences, Turnberry Isle Resort & Club, 600 Brickell (Brickell World Plaza), Intracoastal Mall, Causeway Square, Downtown Dadeland, Design 41, Fountainebleau Park Plaza, BrickellHouse, Echo Brickell, and Muse Residences.
Shorecrest Club is the fourth transaction between Canyon and ECI Group. “Over the past five years, we have worked with Canyon to develop several successful multifamily projects in the Southeast,” said Seth Greenberg of ECI Group. “They are a creative and reliable capital source and we are pleased to expand our lending relationship with Canyon on one of the key assets in our portfolio.”
Located directly on the Biscayne Bay at the 79th Street Causeway, Shorecrest Club is one of Miami’s few new luxury rental properties with 290 linear feet of waterfrontage. As the only high-rise structure in the surrounding area, the property’s two 20-story towers offer residents expansive, unobstructed and unmatched views of Biscayne Bay, North Bay Village, Miami Beach, North Miami, Downtown/Brickell, and the Atlantic Ocean.
Given its central, transit-oriented location – the property is eight miles north of the Downtown/Brickell employment center, three miles north of Midtown and the Design District, four miles west of Miami Beach and its hospitality industry, and two miles east of I-95 – residents have convenient access to employment, restaurants, and retailers throughout the metro area. In addition, Shorecrest Club is just 10 miles from Miami International Airport.
The property offers a mix of one-, two- and three-bedroom apartments with high-end finishes, including granite countertops, in-unit washers and dryers, and an enclosed parking garage with 720 spaces. Luxury amenities include a resort-style pool with lap lanes, outdoor cabanas, a fitness center with saunas, tenant lounges with free Wi-Fi, storage units, valet parking, and a movie theater. ECI Group plans to further enhance the Shorecrest Club with 12 boat slips planned for the Biscayne Bay waterfront, additional landscaping, and a ½ acre dog park planned for the south side of the 79th Street Causeway.
About Canyon Partners Real Estate LLC
Canyon Partners Real Estate LLC® (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC. Canyon focuses on providing debt and equity capital for commercial real estate in primary and secondary markets across the U.S., primarily to facilitate asset acquisition, value-add repositioning, development or recapitalization. Since inception, Canyon has invested over $6.7 billion of capital in over 265 commercial real estate and mortgage transactions with a total capitalization of $17.9 billion through its distinct real estate investment platforms.
Founded in 1990, Canyon Partners, LLC is an investment management firm headquartered in Los Angeles which, together with its affiliates, manages approximately $23 billion of assets. For more information visit: www.canyonpartners.com.
About ECI Group
For more than 40 years, ECI has been recognized as one of the nation’s premier real estate firms in the development and management of a wide range of properties, from Class A luxury communities to commercial, mixed-use developments. With 8,000 units located throughout the Southeast and regional offices in Mississippi and Florida, ECI is strategically positioned to continue to be a leader of the multifamily industry.