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Treo Group secured a $53 million construction loan to add a student housing development next to the South Miami Metrorail Station, property records show.
The 13-story development is part of the Vox Miami complex and will feature 163 units with 400 beds, plus about 13,000 square feet of retail space at 5949 SW 72nd Street. The property is 1.4 miles south of the University of Miami’s main campus in Coral Gables.
The Miami-based developer has a ground lease with Miami-Dade County for the 6-acre site.
The construction debt is composed of $29 million from FirstBank Puerto Rico and $24 million from Spanish bank Abanca, according to mortgage documents. In 2020, Treo Group secured a $10 million loan from Granada Financial, bringing the total financing for the development to $63 million.
Construction got underway last month.
In 2021, Treo completed the first phase of Vox Miami, which is home to 99 apartments. The building, which was funded in part by a $33 million construction loan from Centennial Bank, is perched above a five-story public parking lot that was completed in 1992.
A representative for Treo Group did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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