Berkadia, a distinguished leader in the commercial real estate sector, announced that it secured a $73.27 million construction loan on behalf of Fortune International Group and Blue Road to complete construction of Nexo Residences, a 16-story, short-term rental condominium tower with 254 residences and an EB5 component, located in North Miami Beach, Florida.
Managing Director Scott Wadler, Director Michael Basinski, Vice President Bobby Dockerty, Senior Managing Director Mitch Sinberg, along with Managing Directors Brad Williamson and Matt Robbins of Berkadia Miami and Boca Raton, arranged the financing.
The financing comes just a few weeks after the building topped off, with construction funded thus far through a combination of condo sales deposits and EB-5 investor funds. Nexo Residences continues to gain strong market traction, reaching 90% in sales to date. Built by Kast Construction, it remains on schedule for completion in 2027.
“Fortune International and its partner Blue Road are delivering an exceptional building in a rapidly transforming area adjacent to Aventura and next to SoLé Mia. The product and location resonates with today’s global buyer, who desires a more flexible ownership model,” said Wadler. “A trifecta of experienced Sponsorship, high-quality product and great location generated significant interest from lenders.”
“The lifestyle offered at Nexo Residences — combining elevated design, a robust amenity program and the flexibility of short-term rentals — has generated tremendous sales momentum thus far, with buyers from more than 25 countries and over 90% of units sold,” said Edgardo Defortuna, CEO of Fortune International Group. “Securing this financing reaffirms the market’s confidence in both the product and the North Miami Beach submarket, where growth and demand continue to accelerate daily.”
With exclusive sales and marketing by Fortune Development Sales, Nexo Residences offers turnkey, fully furnished studio to three-bedroom residences, priced from $599,000s, along with a collection of three- and four-bedroom townhomes that are ideal to “live, own and host.” Envisioned by Carlos Ott and realized by Frankel Benayoun Architects Inc. with interiors by Urban Robot, individual units feature floor-to-ceiling windows, porcelain flooring, Italian kitchen and bath cabinetry, built-in bedroom closets, dedicated lockable owner’s closets, and parking for every unit.
Community amenities include a three-story arrival lobby and lounge with café, two-story technology center with co-working spaces, a pool deck with a Jacuzzi, a trio of summer kitchens, a rooftop observatory deck, children’s playground, multi-purpose clubroom and private event area, an outdoor movie theater and yoga studio.
Located at 13899 Biscayne Boulevard, Nexo Residences is a mile from the Intracoastal Waterway, Oleta River State Park, SoLé Mia, and Florida International University-Biscayne and just 10-15 minutes from destinations including Bal Harbour, Aventura, North Bay Village, Sunny Isles, Hollywood Beach, and more. The property is approximately 30 minutes from both Miami International Airport and Fort Lauderdale-Hollywood International Airport, and just four miles from the Brightline Aventura station.
