Gomez scores $24M construction loan for Fontainebleau apartments

A company tied to developer Marlon Gomez just scored a $24 million construction loan to build an apartment complex in the Fontainebleau area of Miami.

Fontaineparc, a company led by Gomez Development Group’s Gomez will use the loan to build a 133-unit building at 275 Fontainebleau Boulevard in western Miami-Dade County, records show.

Miami-based BridgeInvest is the lender. BridgeInvest partner Ian Glaser said construction is set to begin soon for the seven-story building. The property totals 2.2 acres and will be built at the site of a 33,478-square-foot office complex. Fontaineparc paid $5.65 million for the office complex in 2017, records show.

Glaser said the new apartments will total about 150,000 square feet. The contractor is Coral Springs-based Bluewater Builders and the project is designed by Caymares Martin.

Western Miami-Dade County is seeing more interest from developers due to its proximity to Miami International Airport and abundant Class A office properties in the Waterford at Blue Lagoon. It is also near Dolphin Mall which has also become a more sought out destination for residential developers. Last month, Rems Grouprevealed its plans for Residences at Dolphin Citi Center at 108th Avenue and 17th Street. It will be a 113-unit, eight-story condo building.

BridgeInvest is a private real estate lender focused on short-term financing for commercial and residential assets throughout the Southeast. The company closed on a speciality credit fund with $105 million in equity earlier this year. – Keith Larsen

Photo: Marlon Gomez, BridgeInvest’s Alex Horn and a rendering of the apartment building

Published October 30, 2018 in TheRealDeal.com