**Berkadia Secures $73.3M Construction Loan for Nexo Residences in North Miami Beach**
Berkadia has arranged a $73.3 million construction loan on behalf of Fortune International Group and Blue Road to advance the development of Nexo Residences, a 16-story short-term rental condominium tower in North Miami Beach, Florida. The tower will feature 254 residential units.
The financing was secured by a team from Berkadia’s Miami and Boca Raton offices, including Scott Wadler, Michael Basinski, Bobby Dockerty, Mitch Sinberg, Brad Williamson, and Matt Robbins. Bank Hapoalim (BHI) provided the loan to facilitate the completion of the project.
The loan agreement comes shortly after the project reached its topping-off milestone. To date, construction has been financed through a mix of condominium sales deposits and EB-5 investor capital. The EB-5 program allows foreign nationals to obtain U.S. permanent residency by investing in projects that promote economic development.
Constructed by Kast Construction, Nexo Residences remains on track for completion in 2027. Located at 13899 Biscayne Boulevard, the development will offer a variety of upscale amenities including a three-story arrival lobby with a lounge and café, a two-story technology and coworking center, and a pool deck equipped with a Jacuzzi.
