Empira Group Secures $32 Million Loan for Multifamily Development in Miami
Empira Group, a developer based in Switzerland, has successfully obtained a $32 million construction loan aimed at financing a multifamily residential project located just south of Miami’s vibrant Brickell district. The financial backing comes from Abanca, a Spanish banking institution.
Project Overview: Enso
The loan will support the development of Enso, an 85-unit multifamily building situated at 3025 Southwest Third Avenue, adjacent to the Rickenbacker Causeway in the Roads neighborhood. The project is designed to be an eight-story structure, incorporating 850 square feet of retail space on the ground floor and a rooftop pool accessible to residents.
Construction Timeline and Development Details
With construction set to commence next month, the anticipated completion date for the project is 2027. The financing arrangement was facilitated by Daniel Matz from Newmark (NMRK). Furthermore, Empira Group procured the 0.5-acre site for this development for $9 million in 2022, as recorded in property documents.
Market Context
Since the onset of the pandemic, the Brickell area has attracted many affluent individuals relocating from the northern states, prompting several new companies to establish offices in the region. Despite the surge in luxury condominium projects, the pace of multifamily construction in the area has not kept up with demand.
Strategic Insight from Empira Group
Rafael Aregger, head of U.S. Investments at Empira Group, commented on the development, stating, “The project exemplifies Empira’s strategy to develop unique multifamily assets in strong demand submarkets with high barriers to entry.” This highlights the firm’s commitment to expanding in desirable markets.
Previous Developments and Future Plans
Enso represents the second venture for Empira Group in the Miami area, which claims to manage assets worth approximately $10 billion. The developer also previously acquired a 1-acre site in Brickell for $21.5 million, where plans are underway to construct a 26-story building featuring 310 multifamily units.
For more information, contact Julia Echikson at je*******@co****************.com.