Crimson developer gets $16M construction loan

The developer of The Crimson – Waterfront Residences in Miami’s Edgewater neighborhood has obtained a $16 million loan and plans to start construction later this month, The Real Deal has learned.

Stephan Gietl and Fernando Levy Hara’s mckafka Development Group received the construction financing from Banesco USA Bank, according to a project spokesperson. The company expects to hold a groundbreaking ceremony for the 90-unit development at 601 Northeast 27th Street by the end of January. Luis Duany of Duany Financial Network arranged the financing.

A LEED Silver-certified Miami pre-construction condo project, The Crimson is expected to have one, two and three-bedroom residences, penthouses and townhomes. Units range in size from 780 to 1,600 square feet. Amenities include storage space for each unit in the parking garage, a pool deck, hot tub and zen room.

Source: kobikarp.com