Forty-eight homes carry $58 million of construction debt. That is $1.21 million a home.
SME Capital wrote the loan in September 2026. The term runs 30 months with two six-month extensions behind it. Berkadia arranged the financing.
The entry price is $1.5 million. Forty-eight homes at that price total $72 million. The loan covers 80 percent of that floor.
Nineteen homes were under contract at construction start. At $1.5 million each those contracts represent $28.5 million. The sum covers 49 percent of the debt.
The smallest home measures 1,323 square feet and the largest 3,073. The entry price puts the smallest home at $1,134 a square foot. The same price across the largest home gives $488 a square foot.
The land cost $8.56 million in 2023. Divided by 48 homes, the site basis is $178,333 a home. Divided by 20,970 square feet of land, it is $408 a square foot of site.
The Real Deal puts total development cost near $90 million with $15 million of equity from the sponsors. The equity covers 17 percent of that cost.
Delivery targets the third quarter of 2028. Twenty-four months of the base term elapse before that date. Six months of base term remain at handover.
Four competing projects sit inside a mile. Arbor Coconut Grove opened in March 2026 at 0.4 mile. Roble One Coconut Grove is due in late 2026 at 0.9 mile. OPUS Coconut Grove is due in 2027 at 0.1 mile. Four Seasons Private Residences follows in mid 2028 at 0.3 mile.
The tracker behind these figures holds 87 projects and 32,680 residences and keys across Miami.