Developer E11even Hotel & Residences Miami has secured nearly $150 million in funding for its first residential tower. At the same time, both were building projects, so they sold each other land plots.
Filings show a subsidiary of Starwood Property Trust is providing $148.5 million in construction loans to project developers in downtown Miami, a partnership between Markets Corporation Real Estate and E11even Partners. E11even Partners is led by Michael Simkins and Mark Roberts.
Miami Block 17 LLC, managed by Simkins, sold the 9,125 square foot property at 1025 North Miami Avenue to 11th Street Trustees LLC, managed by PMG Ryan Scheer. Miami’s NE 11. LLC also sold properties at 20 and 30 NE 11th Street to a PMG affiliate for $5.3 million, according to property documents.
All three plots of land were built on credit.
The developer said at the time that E11even Hotel & Residences was gradually sold at the beginning of last year and sold very quickly. That’s why they started selling the second building of the project in the same year. The building, called E11even Residences Beyond, will be located on the first floor and be connected to the first tower by an aerial bridge.
The 65-story tower will be built on Park West in downtown Miami, just south of the 24-hour E11even Miami nightclub. Victor Suarez Architects designed the development. The apartment is finished and furnished.
The first tower will feature a casino-style sports ramp, rooftop terrace, spa and wellness center, among other amenities throughout the project. Deepak Chopra and a chain of chef-led restaurants. It is scheduled for completion in 2023.
In November, the developer broke ground on the first phase, a 375-room hotel and apartments. Shoppers there included WNBA player Candice Parker, ESPN co-manager Sage Steele and MMA fighter Luke Rockhold.
Portland Trail Blazers player Jusuf Nurkic bought units in both buildings, he previously told The Real Deal. And YouTubers and wrestlers Jake and Logan Paul will also buy a penthouse in the second phase.
The remaining units at E11even Residences Beyond start at $300,000 and studio sizes start at 318 square feet. The developer accepts the buyer’s cryptocurrency.