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Prosper and Versluys pay $50M for Miami Brickell condo tower site
The joint venture plans a 60-story waterfront high-rise with 181 condos on the 1-acre, three-parcel assemblage, with acquisition financing including a $30.5 million loan from Vaster.
Prosper Group and Versluys Group have paid $50 million for a development site in Miami’s Brickell district, where they plan to build a $650 million condo tower, the joint venture announced. The 1-acre assemblage includes three parcels, including one along the Miami River with more than 300 feet of water frontage, plus two adjacent inland sites at 66 Southwest Sixth Street and 625 Southwest First Avenue near Brickell City Center. The project calls for a 60-story waterfront high-rise with 181 condos. Vaster provided a $30.5 million loan for the acquisition, which has been under contract for at least eight months. The sellers are Two Roads Development and Newgard Development Group, and they are building a neighboring luxury complex at 99 Southwest Seventh Street. The Brickell project comes after the joint venture secured a $513 million financing package last year for two other condo towers, including the Standard Hotel branded building and Lofty Brickell, according to Commercial Observer.