42 Pine, the boutique residential building located at Pine Tree Drive and 42nd Street, announced the project secured $35.5 million in financing from BridgeCity Capital to begin construction on the project. The loan comes after a highly successful sales launch, marking 50 percent of residences sold within a month of launching and groundbreaking scheduled to commence in June/July 2022.
“This construction loan posed a unique opportunity for BridgeCity Capital to finance a ground-up, luxury condominium building in the heart of Miami Beach,” said Allan Lebovits, CEO at BridgeCity Capital. “The pace of sales at this building is reflective of the ultra-strong demand for luxury, new construction residences in Miami Beach.”
The first full-service boutique condominium in the area will offer 50 move-in-ready residences ranging from one to three bedrooms, including eight penthouses, meticulously crafted to deliver a bespoke lifestyle rooted in community and convenience.
