Cymbal DLT Closes on $17.5 Million Loan for Midtown Miami Project
Today, Miami-based development and construction firm Cymbal DLT Companies closed on a $17.5 million loan from New Wave Loans to recapitalize its development of an eight-story, 203-unit multifamily residential project at 3452-3470 North Miami Avenue in Midtown. The 1.5-acre site, currently the headquarters for Cymbal DLT, is centrally located just blocks from the Miami Design District and Wynwood. The refinance allows Cymbal DLT to buy out its partner, take over the project, and make the project shovel-ready.
Cymbal DLT has enlisted world-renowned architect Enrique Norten, founder and principal of the internationally acclaimed Mexican architecture firm Ten Arquitectos, to design the new project. Cymbal has worked with Norten for over a decade, most recently completing an architecturally significant mixed-use project in the Miami Design District.
“Our goal is to make high design attainable to renters,” said Asi Cymbal, Chairman of Cymbal DLT Companies. “Typically, you would experience this level of design from a high-end condominium project or an art museum. We want to bring this same level of quality and design to a rental community.”
Although details for the new 350,000-square-foot market-rate property are still in their early stages, Cymbal says to expect the same unique blend of world-class design, art, wellness, technology, and sustainability that it infuses into all of their developments. For example, the project will consist of state-of-the-art features such as hands-free access to units, noise attenuation elements, and air purification, sterilization and ionization systems that are 99% effective against COVID. Other amenities include a rooftop pool and bar and plenty of green spaces.
The ground floor will feature multiple retail spaces, many of which will be occupied by the same tenants that currently lease space on the property. In fact, the new property will be strategically built around current tenant The Sylvester, a popular neighborhood cocktail bar from the owners of Wynwood hot spot Beaker & Gray. Other retailers that will remain on-site include Saccaro, a high-end Brazilian furniture company (a tenant for over 10 years); Dāek Thai Eatery, a popular Asian restaurant; and a ghost kitchen location for REEF Neighborhood Kitchens.
In keeping with Cymbal DLT’s commitment to art and artists, the Midtown project will also have an artist-in-residence program, inviting up-and-coming creatives from all professional backgrounds, demographics, career stages and artistic styles to live and work for free. The program will be similar to the artist-in-residence program at Oasis Pointe Residences, Cymbal DLT’s 2.4-acre, 301-unit apartment complex in Dania Beach that welcomed its first residents this month. The program’s first artist, Lesia Khomenko, is a Ukrainian author of paintings, installations, performances and videos; thanks to the program, Khomenko was able to move to the U.S. with her daughter to fulfill a full-time residency at Oasis Pointe.
The Midtown project, slated to break ground in late 2023, is just one of Cymbal DLT’s more than $2 billion worth of projects currently in the pipeline – a number that Cymbal plans to triple by the end of next year. It also marks the first time that Cymbal DLT will demolish a building it recently built to pave the way for an all-new project.
When complete, Cymbal DLT will have a satellite office at the Midtown location. It plans to move its permanent headquarters to its new $1 billion waterfront district in Downtown Fort Lauderdale, the aptly named Riverwalk Raintree Residences, scheduled to open by 2025. In the meantime, an interim headquarters will be set up at Oasis Pointe.
For more information, visit cymbaldlt.com.
