TSL Express Daily News

Bay Harbor Islands, FL. EBSC Lending today announced the closing of a $20 million construction loan for the development of a new ground-up luxury rental community which will feature 110 total residences with five-star service and a suite of thoughtful amenities. The first building is expected to commence construction this June, with completion projected for Summer 2027. The overall master plan is anticipated to be finished by the end of 2028.

“We are fortunate to collaborate with EBSC Lending on this new credit facility, and we appreciate their support. This construction loan reinforces our vision and confidence in EBSC Lending. The project will provide renters with high-quality residences, designed with the same elegance and style as our custom homes,” states the Sponsor. “We are dedicated to introducing buildings that enhance luxury rental living throughout Florida.”

The three-year floating-rate construction loan includes one four-year extension. Located between the renowned Bal Harbour Shops and Miami’s exclusive Indian Creek, this development will provide an enviable lifestyle. Just minutes from the Atlantic Ocean and the finest shopping and dining options in the city, Bay Harbor is one of the most sought-after residential neighborhoods in Miami, known for its small-town ambiance and community focus. The waterfront area is currently evolving into an exclusive luxury destination with the introduction of new high-profile projects. The buildings will set a new benchmark for rental living across South Florida.

“Understanding their needs allowed us to create a financing structure that will assist them in achieving their business goals. The sponsor is an experienced builder in Florida and a long-term client of EBSC Lending,” remarked Martin Alex, principal and cofounder of EBSC Lending. “We have a skilled in-house construction team that recognizes how crucial regular cash flow and a straightforward draw process are for expediting project completion. Our commitment to client satisfaction motivates us to provide outstanding service and quick funding for construction draws, ensuring seamless and stress-free project management. We are excited to complete luxury rental projects in one of the fastest-growing markets in the country with one of the top residential developers in the Miami area.”

Construction will be executed in three phases. The first phase will introduce the initial of two nine-story buildings. The first structure will feature 22 luxury rental residences with two to four bedrooms, a parking garage, and an amenity-rich rooftop area that includes a swimming pool, fitness space, and sundeck. This is not the sponsor's first multifamily development in Florida, following their success in developing, building, and selling numerous luxury spec homes in New York, Las Vegas, Miami, and Los Angeles at above-market prices.

EBSC Lending is a balance sheet lender that provides debt capital solutions covering the entire spectrum of real estate on a nationwide platform. EBSC Lending seeks opportunities in the $5 million to $100 million range and typically funds loans in 15 to 25 business days,  EBSC Lending works directly with real estate owners and mortgage professionals nationwide. EBSC has originated nearly $2 billion of loans since inception. The company’s headquarter is located at 18575 Jamboree Rd, Irvine, CA  92612.