Cymbal DLT secured a $102.5 million loan to purchase the site and build an apartment complex in Miami Gardens.
The Miami-based joint venture plans to build a 341-unit community at 20775 Northwest 17th Avenue, paying $15.5 million for the 14-acre former horse barn, according to a press release from Cymbal DLT. The company is a partnership between Asi Cymbal of Cymbal Development and Hector Torres of DLT Global.
Cymbal DLT secured the loan from Related Fund Management, a third-party investment manager affiliated with Stephen Ross’ related companies. Brian Sedrish and Sam Friedland of Related Fund worked on the loan.
The seller, a partnership between a Blackstone subsidiary, New York-based Link Logistics, and David Metalonis, paid $4.4 million for the site in 2018, records show. Metalonis is CEO of Metalonis & Partners and also a partner at Lionheart Capital, both based in Miami, according to his LinkedIn.
Cymbal DLT’s project will span 11 four-story buildings and offer one- to three-bedroom apartments ranging from 650 square feet to 1,450 square feet, the company said through a spokesperson. . Residents will have access to their rooftops, allowing views over the area.
Rents will be at market rates, but will still offer respite from skyrocketing rates in South Florida, as units will cost approximately 50% less than a comparable newly built project in downtown Miami and Downtown. Fort Lauderdale, the statement said.
The community designed by Jo Palma + Partners Corporation will include a three-story clubhouse, gym, game room, swimming pool, multiple barbecue areas, playground, meditation and butterfly gardens, a metaverse room and a Zoom coworking lounge, according to the statement. The apartment buildings and the pavilion will be connected by a walkway and the project will include a lake filled with sculptures.
The development is still unnamed. South Floridians can submit ideas for the name of the project through a public competition that Cymbal DLT will hold in the future.
Avery Klann of Newmark and Jose Fernandez of Marcus & Millichap represented the seller in the transaction. Christian Uriarte of Torus Capital Group represented Cymbal DLT in the loan.
Cymbal DLT is a real estate investment, development and construction company with a portfolio exceeding $2 billion, including existing and ongoing projects, according to its website. It has over 2,000 multi-family units on tap.
Cymbal DLT is developing the 301-unit Oasis Pointe multifamily building at 150 South Bryan Road in Dania Beach, after paying $4.8 million for the site in 2020 and securing a $60 million construction loan later this year- the.
Additionally, he works on the Riverwalk Raintree Residences, a high-rise apartment complex with retail space at 413 Southwest Third Avenue in Fort Lauderdale.
Cymbal DLT also co-developed the 294 apartment building The Boulevard at 5700 Biscayne Boulevard in Miami’s historic MiMo Biscayne Boulevard neighborhood.
The Miami Gardens area has recently caught the attention of investors. Just west of the planned community of Cymbal DLT, on part of the Calder Casino property, Link Logistics wants to build a 2.3 million square foot industrial complex with radio, film and television studios and music production spaces.
Aventura-based Immocorp Capital plans a mixed-use complex with apartments, hotel, retail and entertainment at 19199 Northwest 27th Avenue in Miami Gardens, south of Hard Rock Stadium.
Kushner Companies has partnered with Immocorp Capital on the multi-family portion, which could include up to 800 units.
Miami Gardens also hosts the Formula 1 Grand Prix race, which was held in May and will continue annually under a 10-year contract.