NoBe Bay Holdings Secures $18 Million Construction Loan

MIAMI BEACH, FL, January 05, 2012 (Press-News.org) NoBe Bay Holdings, LLC, a joint-venture between Miami-based 13th Floor Investments and Miami-based Key International, announced today the successful closing of an $18 million construction loan from U.S. Bank, said Iñigo Ardid, vice president of Key International. The secured funds will put equity back into the project as well as fund construction to finish the waterfront NoBe Bay condominium in Miami Beach and its neighboring parking garage and retail structure, he said.

"We are very pleased to partner with U.S. Bank to finalize the development of NoBe Bay," said Arnaud Karsenti, managing principal with 13th Floor Investments. "This deal further signals that lenders are coming back into the South Florida real estate market -- especially with developers who have good reputations and successful track records like Key International and 13th Floor Investments."

The NoBe Bay project includes a 98-unit, 15-floor condominium tower and a 463 space parking garage with 12,000 square-feet of ground floor commercial space. The development team acquired the property in foreclosure in June 2011.

13th Floor Investments will manage construction and build-out for the property, which was approximately 80 percent completed before construction resumed last month, according to Karsenti's partner, Robert Suris, principal with 13th Floor Investments. Key International will handle the sales and marketing for the residential units as well as the leasing and marketing of the commercial spaces at the project.

Designed by renowned architect Kobi Karp, NoBe Bay features one-, two- and three-bedroom condominium homes ranging in size from 650 square-feet to 1,800 square-feet. Planned building amenities include an expansive pool deck with cabanas overlooking the bay, a garden patio, a gym with state-of-the-art equipment, valet parking and luxuriously appointed fixtures and common areas. The property is located on 1.4 waterfront acres at 6700 Indian Creek Drive in Miami Beach.

The developers anticipate construction of the parking/retail structure will be completed during the first quarter of 2012 and the condominium by summer 2012.

About 13th Floor Investments
13th Floor Investments is an established market leader in successfully acquiring and managing real estate projects throughout Florida. Based in Miami, 13th Floor Investments specializes in value-oriented real estate investments and has acquired in excess of $200 million in real estate assets since its inception in 2006. In September 2010, 13th Floor Investments closed on a fully discretionary private equity vehicle, the Florida Real Estate Value Fund, which is now being proactively deployed in a wide range of Florida based real estate assets. The company's in-depth local market knowledge coupled with a streamlined decision-making process and discretionary capital make it a first option for lenders and sellers looking to dispose of assets in an expedited manner. For more information, call (786) 220-0460 or visit http://www.13fi.com.

About Key International
Since the 1970s, Key International has acquired and developed much of South Florida's premiere real estate including many of the area's most high-profile locations such as the South Beach Marriott, Eden Roc Hotel, Ivy Condominiums and Mint Condominiums. Key International has distinguished itself as one of the area's most renowned developers, bringing an international focus to South Florida. From commercial property in all the right locations, to the most luxurious residential addresses, Key is at the leading edge of Florida's development community. For more information, call (305) 377-1001, or visit http://www.Key-International.com.