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Coastland Residential secures $84.5M loan for Miami-Dade rental project
The Vybe 75 plan includes 366 apartments plus about 5,000 square feet of ground-floor retail, with rents targeted for some units at up to 120 percent of the area median income.
Commercial Observer reports that Coastland Residential secured an $84.5 million construction loan from PNC Bank for Vybe 75, a multifamily project near Tropical Park in southwest Miami-Dade County.
The eight-story development at 4383 Southwest 75th Avenue will include 366 apartments and 5,000 square feet of ground-floor retail space.
According to the report, amenities are set to include a rooftop pool, a gym, a co-working lounge, a sports simulator, and a movie theater, and at least some units will be priced within 120 percent of the area’s median income.
Commercial Observer adds that Coastland Residential bought the 4.3-acre site for $14.5 million last year, and Vybe 75 represents the first phase of a broader project expected to deliver about 1,000 units in total.