Kavista El Portal Rentals Secures $60 Million Construction Loan
Barrington Brothers secured a $60 million construction loan for the multi-family Kavista project in El Portal, as the booming apartment market spurred development in traditionally single-family enclaves.
The Miami-based family company will build the eight-story, 282-unit project on nearly 2 acres at 495 Northeast 83rd Street, according to the lender’s press release.
Ben Jacobson of Trez Forman is behind the senior rating. Melissa Rose and Michael DiCosimo led the debt advisory team at JLL Capital Markets that secured financing from Barrington Brothers. Adams Gallinar attorney Michael Gallinar also represented Barrington Brothers in the deal.
Construction on The Kavista will begin in April and is expected to be complete by fall 2023, said Ken Barrington, who co-founded and co-managed the development company with his brother, Arthur Barrington.
The project will offer one to three bedroom apartments. Facilities will include a swimming pool and deck, barbecue and grilling areas with outdoor seating, a coworking lounge, theater, gym and electric vehicle charging stations, according to a separate statement from JLL. The plan also provides for 351 parking spaces.
Barrington Brothers, through an affiliate, purchased the two development site lots in 2013 for nearly $1.2 million combined, property records show.
The company’s other apartment projects include ventures in Miami, including the 64-unit The Corridor West; the 64 units The Corridor East; and the 62-unit The Corridor South, according to Barrington’s website.
El Portal’s board voted in favor of a Kavista development deal in May 2020.
El Portal – an incorporated village west of Biscayne Boulevard, north of Miami and south of Miami Shores – is a largely bedroom community that prides itself on its environmental preservation, as manatees can occasionally be spotted in the channels. The village is also an ornithological reserve.
Also planned in El Portal: The redevelopment of the Rader Memorial United Methodist Church and School along northeast Second Avenue and between 88th and 87th streets. The plan is to turn it into an office and retail complex with restaurant space. Miami-based Elm Springs bought the property in March 2021 for $5.5 million from investors Seth Gadinsky and Samuel Soriero, who had obtained approval to redevelop the property into a mix of uses.
The multifamily market is robust throughout South Florida as the influx of people has created strong demand and led to soaring rents. It has also encouraged developers to embark on new projects.
In North Miami, Jorge Pérez’s associate group has contracted part of the closed campus of Johnson & Wales University and is proposing Manor Biscayne, a 382-unit apartment project.