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Capital One Closes $88.7MM Loan to Refinance Biscayne Bay Apartments

September 11, 2015, 07:09 AM
Filed Under: Real Estate

Capital One announced it served as joint lead arranger, joint bookrunner, and administrative agent for an $88.7 million syndicated loan to a single purpose entity controlled by ECI Group, Inc. and the Harbor Group International. Loan proceeds will be used to refinance a syndicated construction loan from Capital One used to build Shorecrest Club Apartments, a 467-unit, 20-story, Class A multifamily project in Miami that was completed in April.  As with the construction loan that preceded it, 50 percent of the current loan has been syndicated with SunTrust Bank. 
ECI is a privately owned, fully integrated development, construction, brokerage, and management real estate company primarily focused on the multifamily sector. Harbor Group is a diversified real estate investment and financial services company with a portfolio of 99 properties in three countries valued at $3.8 billion.
“This transaction is an excellent example of Capital One’s proactive approach,” said John Hope, Senior Vice President in Capital One’s New Orleans office.  “As administrative agent and lead on the construction loan, we were in constant discussion with the borrower about their long-term strategy.”  With the project still under construction, Capital One issued terms for a takeout loan that would close shortly after construction was completed; this extensive preparation allowed Capital One to close quickly, just six weeks after the loan was mandated.
“Capital One provided valuable support for this project even before we broke ground,” said Seth Greenberg, ECI’s Chief Executive Officer.  “They have proven themselves during the course of our relationship to be creative, flexible, and responsive to our needs.”     
Located on the west shore of Biscayne Bay adjacent to the John F. Kennedy Causeway, the Shorecrest Club offers expansive views of the bay, North Miami Beach and Bal Harbor from each of its two towers. Amenities include a waterfront restaurant, lap and resort pools, cabanas and a sundeck overlooking the bay. 

Capital One Bank’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide, including balance sheet and agency lending. Additional information can be found at Capital One Commercial Banking leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.

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