California-based Mosaic Real Estate is the lender
By Katherine Kallergis | October 05, 2017 12:00PM
Two Roads Development just closed on $16.5 million in financing for Elysee Miami, a luxury condo tower planned in Miami’s Edgewater neighborhood.
Mosaic Real Estate Credit, a Calabasas, California-based alternative lender, provided the loan for phase one of construction, according to a press release. It’s part of a larger financing package for the project at 788 Northeast 23rd Street.
Two Roads, which recently completed the nearby Biscayne Beach, is developing Elysee with entities managed by New York-based investment firm DW Partners. It launched sales of the 57-story, 100-unit tower about two years ago.
Two Roads, which planned to break ground at the start of this year, will use the financing for pilings, excavation work and pouring the concrete foundation.
Construction is expected to go vertical during the first quarter of next year and be completed in 2019, according to the release.
https://therealdeal.com/miami/2017/1...-elysee-miami/