Shorecrest Club Apartments, a 467- unit, (2) 20-story multifamily towers located on the west shore of Biscayne Bay in Miami, Florida. This property is located adjacent to the John F. Kennedy Causeway. The address is 7950 NE Bayshore Court Miami, Florida 33138. The project has expansive views of Biscayne Bay, North Miami Beach and Bal Harbor from each of its two towers. Amenities include waterfront restaurant, lap and resort pools, cabanas, a sundeck over looking Biscayne Bay, fitness center and resident storage cages. The property started construction in 2013 and completed in 2015. It was one of Miami’s first new-to-market luxury rental apartments developed in the Upper East Side neighborhood. The project is a joint venture between ECI Group, Adler Development and Canyon Capital Realty Advisors, LLC.
Capital One has closed an $88.7 million refinance for ECI Group, Inc and Harbor Group International’s. ECI Group is a privately owned development, construction, brokerage and management real estate company focused on multi-family. Harbor Group International is a real estate investment and financial services company with 99 properties in three countries valued at an estimated $3.8 billion. The loan proceeds will be used to refinance a syndicated construction load (also from Capital One) to build the complex. SunTrust Bank syndicated 50 percent of the current loan. Capital One served as joint lead arranger, joint book runner and administrative agent for the syndicated loan. The project is still under construction. Capital One has issued terms for a takeout loan that would close shortly after construction was completed.