The developer of a planned apartment project in Miami’s Little Havana, called First Little Havana, scored a $34 million loan to begin construction, as the area sees growing interest from investors.
An affiliate of the Vienna, Austria-based Premium Group secured the construction loan from Man Global Private Markets for the 194-unit apartment project at 736-760 Southwest First Street, according to a press release.
The project will total nearly 160,000 square feet of residential space with 7,000 square feet of ground-floor retail and 231 garage parking spaces. It is expected to be completed in 2021. The development will feature a resort-style pool, fitness center, yoga studio and dog park.
Sitting just west of Brickell and near the Miami International Airport, Little Havana is becoming one of the next targets for investors. Unlike Brickell, most of Little Havana is zoned for medium-density development – either T4 or T5. That means that development is capped at five stories and 65 residential units per acre.