Northlink Capital has secured $85 million of construction financing to develop a Miami Beach luxury condominium project, Commercial Observer has learned.<\/p>\n
Deutsche Bank<\/a> provided the loan, which will refinance past debt and fund ground-up construction of the 12-story condo tower at 7200 Collins Avenue in Miami Beach\u2019s North Beach neighborhood.\u00a0<\/p>\n SEE ALSO: Gotham Organization\u2019s Matthew, Nicole and Ben Picket On the Family Firm\u2019s Next Moves<\/a><\/p>\n Arrow Real Estate Advisors<\/a> arranged the transaction with a team consisting of Morris Betesh, Alex Bailkin and Matt O\u2019Hanlon.\u00a0<\/p>\n \u201c7200 Collins brings efficiently designed, accessibly priced residences to one of North Beach\u2019s premier oceanfront locations,\u201d Betesh, managing partner at Arrow Real Estate Advisors, said in a statement. \u201cWith 96 percent of units under contract at closing, the project reflects strong buyer demand.\u201d<\/p>\n The 274,150-square-foot condo towers will comprise 222 units ranging from studios to two-bedrooms. Resident amenities will include a beach club, a swimming pool, a fitness center and rooftop sundecks along with ground-floor retail.<\/p>\n Northlink Capital<\/a> and Deutsche Bank did not immediately return requests for comment.<\/p>\n