As reported in The Real Deal.

Weiss Group of Companies scored $21.3 million in bridge financing to build a mixed-use, multifamily and hotel project at the Blue Lagoon office complex near Miami International Airport.

The financing will replace an existing bridge loan and fund predevelopment costs for the Kobi Karp-designed Towers at Blue Lagoon at 4865 Northwest 7th Street. The development will include up to 829 apartments as well as two hotels, according to a press release from Eyzenberg & Co., a New York-based commercial real estate investment bank.

Weiss Group secured the loan from a Canadian private lender, said David Eyzenberg, president of Eyzenberg & Co., which recently opened an office in Miami. Robert Ginsberg, managing director of Eyzenberg & Co., structured and arranged the fixed-rate loan on behalf of the Weiss Group.

Phase one of the project will include a two-building, 368,000-square-foot, 428-unit multifamily development of studio, one-, two- and three-bedroom apartments, according to the release.

Miami-based Weiss Group of Companies, led by Caroline Weiss, has owned the land since the 1970s. In March 2019, Weiss Group secured approval from the Miami commission to raise the development site’s maximum building height from eight to 12 stories.

The hotels will have a total of 294 rooms.

The development will also feature parking, affordable, workforce and market-rate housing, as well as improved roads and pedestrian walkways, according to the release.