Colombian developers secure $55 million construction loan from Miami Rentals

Brian Shatz of Madison Realty Capital, Josh Zegen and Jaime Murra of Diana Group with 430 Northeast 31st Street (Concordia, Google Maps)

A Bogotá-based developer duo has secured a $55 million construction loan for a multi-family project in Miami’s Edgewater neighborhood.

Grupo Diana and Korner are building the 32-story Metro Edgewater with 279 units at 430 Northeast 31st Street, according to a press release from lender Madison Realty Capital.

JLL’s Melissa Rose and Jesse Wright arranged the loan.

The project will span 266,306 square feet of residential space and 4,230 square feet of ground floor retail.

Grupo Diana is a family holding company involved in food production and real estate, according to its website. Jaime Murra is the president.

Korner is a construction company.

Madison Realty Capital, based in New York, is a real estate private equity firm, managing $8.5 billion in assets on behalf of global institutional investors, according to the release. Josh Zegen and Brian Shatz are the co-founders.

Madison has financed other construction projects in South Florida, including a $72 million loan for the 141-key The Ray hotel completed by Menin Development at 233 Northeast Second Avenue in downtown Delray Beach.
The Metro Edgewater construction site is near Related Group’s four Paraiso condo towers.

Edgewater, once a residential area with an eclectic collection of architectural styles of homes, has been gentrified and redeveloped with condos and apartment towers, with more projects underway.

In April, Russell Galbut’s Crescent Heights secured a $224 million construction loan for a 39-story building anchored by Whole Foods at 2900 Biscayne Boulevard.

New York-based Kushner Companies and Miami-based PTM Partners are developing a three-tower project with 1,300 apartments at 1900 Biscayne Boulevard and 2000 Biscayne Boulevard in Edgewater.

Chicago-based Trilogy Real Estate Group has also invested heavily in Edgewater Opportunity Zone development sites, recently paying $30.6 million for 1.6 acres at 2201 Northeast Second Avenue.

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