Cymbal DLT Receives $102.5M in Loans for Miami Gardens Apartments

Asi Cymbal and Hector Torres of Cymbal presenting proposed Miami Gardens apartments (Jo Palma + Partners Corporation)

Cymbal DLT secured a $102.5 million loan to purchase land and build an apartment complex in Miami Gardens.

According to a press release from Cymbal DLT, the Miami-based joint venture plans to build a 341-unit community at 20775 Northwest 17th Avenue and will pay $15.5 million for the 14-acre site of the former stables. The company is a partnership between Asi Cymbal of Cymbal Development and Hector Torres of DLT Global.

Cymbal DLT secured the loan from Related Fund Management, an outside investment manager affiliated with Stephen Ross’ Related Companies. Related Fund’s Brian Sedrish and Sam Friedland worked on the loan.

The seller, a partnership between a Blackstone subsidiary, New York-based Link Logistics, and David Metalonis, paid $4.4 million for the site in 2018, records show. Metalonis is the CEO of Metalonis & Partners and also a partner at Lionheart Capital, both based in Miami, according to his LinkedIn.

Cymbal DLT’s project will span 11 four-story buildings and offer one- to three-bedroom apartments ranging from 650 square feet to 1,450 square feet, the company said through a spokesman. Residents have access to their roofs, which allow views of the surrounding area.

Rents will be in line with market rates but still provide a respite from skyrocketing rents in South Florida, as the units will cost about 50 percent less than a comparable new construction project in downtown Miami and Fort Lauderdale, the press release said.

Designed by Jo Palma + Partners Corporation, the community will include a three-story clubhouse, gym, game room, lap pool, multiple BBQ areas, playground, meditation and butterfly gardens, a Metaverse room, and a Zoom coworking lounge, according to the press release. The apartment buildings and clubhouse will be connected by a walkway and the project will include a sculpture-filled lake.

The development is not yet named. South Florida residents can submit ideas for the project’s name in a public competition that Cymbal DLT will be hosting in the future.

Avery Klann of Newmark and Jose Fernandez of Marcus & Millichap represented the seller in the transaction. Christian Uriarte from Torus Capital Group represented Cymbal DLT on the loan.

Cymbal DLT is a real estate investment, development and construction company with a portfolio of over $2 billion, including existing and pipeline projects, according to its website. It has more than 2,000 apartment buildings.

Cymbal DLT is developing the 301-unit Oasis Pointe multi-family development at 150 South Bryan Road in Dania Beach after paying $4.8 million for the land in 2020 and receiving a $60 million construction loan later this year would have.

It is also working on the Riverwalk Raintree Residences, a high-rise apartment complex with commercial space at 413 Southwest Third Avenue in Fort Lauderdale.

Cymbal DLT was also involved in the development of The Boulevard, a 294-unit apartment building at 5700 Biscayne Boulevard in the historic MiMo Biscayne Boulevard neighborhood of Miami.

The Miami Gardens area has recently attracted the attention of investors. Just west of the proposed community of Cymbal DLT, Link Logistics plans to build a 2.3 million square foot industrial complex containing radio, film and television studios and music production facilities on a portion of the Calder Casino property.

Aventura-based Immocorp Capital is planning a mixed-use residential, hotel, retail and entertainment complex at 19199 Northwest 27th Avenue in Miami Gardens, just south of Hard Rock Stadium.
Kushner Companies has partnered with Immocorp Capital for the multi-family portion, which could have up to 800 units.

Miami Gardens is also home to the Formula 1 Grand Prix race which took place in May and continues annually under a 10-year deal.

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