Blackstone Loans Miami's Biscayne Beach Condo Project $120 Million

---

Blackstone Real Estate Debt Strategies, the real estate investment arm of the massive global private equity firm The Blackstone Group, has just made a $120 million construction loan to Eastview Development and GTIS Partners to fund construction of Biscayne Beach, a 51-story, 399 unit luxury condominium under development at 711 NE 29th Street in Miami's East Edgewater neighborhood.
 
Construction of Biscayne Beach began in June 2014 with completion slated for December 2016. Biscayne Beach has already sold more than 70% of its units representing more than $250 million in sales.
 
"Construction is in full swing at Biscayne Beach, and this financing will provide for the development and completion of the luxury condominium tower," said Reid Boren, Partner at Eastview Development Group. "A loan of this significance is a good indication of the strength in the Miami market as well as Blackstone's confidence in Biscayne Beach."
 
Added Robert Vahradian, Senior Managing Partner at GTIS Partners, "The interest level in and competition for this financing was quite high. We chose Blackstone as we have previously completed financings with them of approximately $250 million, and were highly confident in their ability to execute on a timely basis."
 
"With more than 70 percent of units sold, buyers have embraced Biscayne Beach as the premiere lifestyle choice in East Edgewater, understanding the high level of design, amenities and finishes being provided by this exceptional development team," says Alicia Cervera Lamadrid, Managing Partner at Cervera Realty, exclusive sales and marketing firm for Biscayne Beach.
 
Biscayne Beach is located at 711 NE 29th Street, directly on the water fronting Biscayne Bay, in Miami's East Edgewater neighborhood - just north of Downtown Miami and directly across the bay from Miami Beach, between the Julia Tuttle and McArthur Causeways. The adjacent Design District is home to trendy high-end shopping brands like Hermés, Prada, and Dior, with some of the city's most unique artistry coming from the nearby Midtown and Wynwood neighborhoods. Just a few minutes away, world-class venues including the Perez Art Museum Miami, the upcoming Patricia and Phillip Frost Museum of Science, and the highly anticipated Brickell CityCentre bring Miami's ultimate offerings in terms of the arts, culture, luxury shopping, and entertainment.
 
Biscayne Beach is a joint venture development between Eastview Development and GTIS Partners. Eastview is a South Florida-based real estate development firm whose principals have completed a number of projects across the country, including condominium, office and multifamily developments in Florida, as well as office and multifamily projects in New York. GTIS Partners is a global real estate investment firm with approximately $3 billion in assets under management focused on investments in the U.S. and Brazil, including residential condominium projects in New York, Miami and San Francisco currently under predevelopment or construction totaling approximately $1.8 billion in project cost.