23 Dec Major Milestone: $21 Million in Financing Secured
Apeiron at the Jockey Club took an important step forward in December 2015, as Toronto-based mortgage lender Romspen committed $21 million in financing for Phase One of the project. The injection of capital for the bay front tower, wellness facility and adjoining deep-water marina has kept momentum up for Apeiron, as it moves through Miami-Dade County’s permitting process.
The expansive bayside property enjoyed its heyday in the 1970s as one of the city’s go-to social and nightlife destinations. The luxury Apeiron at the Jockey Club development will help restore the Club’s past prominence with concierge living that includes: 240 serviced residential units ranging from 2,700 SF to more than 4,500 SF; a 90-key boutique hotel; a new 38-slip, deep-water yacht marina; a five-acre indoor/outdoor health and wellness facility; tennis courts; and outdoor pools. Phase One includes enhancements to all common areas, the marina, and the first tower – which will include 120 serviced-residences and the hotel. Phase Two will be the second tower, which will house 120 additional serviced-residences.
“We are thrilled that Romspen has chosen to back Apeiron, and appreciate the confidence that they have placed in both our project and our leadership team,” said Muayad “Mo” Abbas, a founding partner with the development team behind Apeiron at the Jockey Club. “Step by step, we are laying the groundwork for what will be a phenomenal luxury development in an untouched corner of the Miami market.”
Based in Toronto, Canada, Romspen Investment Corporation manages one of the largest non-bank commercial lending platforms in Canada, and also provides lending for commercial and industrial developments in the U.S. The company oversees a real estate mortgage portfolio exceeding $1.5 billion in value and has a 49-year track record of smart lending and consistent returns.