LUXURY CONDO PROJECT FUNDED

Written by Miami Today on October 5, 2017

South Florida-based Two Roads Development has secured $16.5 million in financing from Mosaic Real Estate Credit LLC for the first phase of Elysee, the firm’s newest luxury condo project in Miami’s Edgewater neighborhood. The loan is part of a larger financing for the waterfront property, at 788 NE 23rd St. along Biscayne Bay, and will provide for immediate installation of pilings and excavation, followed by the pouring of the concrete foundation. Vertical construction of the 57-story tower is to follow in the first quarter of 2018, with completion estimated for 2019. Elysee is to include 100 half-floor residences between 2,300 and 4,000 square feet. Unit prices are to range from about $1.5 million to upwards of $10 million.