ACRES originated an approximately $18 million construction loan to fund the development of Ten30 South Beach, a four-story, 43-unit condominium building located at 1030 15th Street in Miami Beach, Florida. The loan carries a term of 18 months and is provided to sponsor Shoma Group, a local acquisition and development firm which has completed more than 10,000 homes and condominiums and over $4 billion in real estate transactions since its inception.
Shoma Group selected ACRES for the financing due to its expertise in the area — the firm recently funded the Residence Club Condominium project in nearby Key Largo, Florida — as well as its surety of execution and creative capital solution.
Ten30 South Beach is located near an abundance of quality-of-life amenities including the famed Lincoln Road shopping district, Sunset Harbor, Flamingo Park, and popular dining and nightlife attractions. The Property will offer studio, one- and two-bedroom units and will feature a 6,000-square-foot roof deck with a rosé-colored pool, lounge, and outdoor kitchen area with barbecue and yoga space. Each unit will be equipped with state-of-the-art technology and high-end finishes, including Samsung Family Hub refrigerators, Italian-designed chef caliber kitchens, Bluetooth-enabled keyless entry, covered parking, expansive terraces, and spacious master bedrooms with a unique open-bathroom concept.
Miami residents and tourists alike have made South Beach one of the city’s most popular destinations, garnering attention from those in the fashion, music and entertainment industries. In addition to tourism, the submarket’s employment base encompasses over 30,000 daily workers and a healthy mix of sectors, including hospitality, health care, retail and construction. Ten30 South Beach brings residential growth to an area that has very few remaining pieces of developable land, and which is now seeing interest from buyers seeking more reasonable price points.