Trending Multifamily News
Berkadia, a distinguished leader in the commercial real estate sector, announces that it arranged debt and equity to recapitalize The Conley, a 259-unit apartment community located in the Austin, Texas suburb of Leander.
Managing Director Scott Wadler and Senior Director Matt Nihan, along with Senior Managing Director Mitch Sinberg, and Managing Directors Brad Williamson and Matt Robbins, arranged the financing on behalf of the sponsors, a joint venture between Beacon Real Estate Group and Constellation Group, both of Coral Gables, Miami.
Lender Lasalle provided a loan with a three-year term and two 12-month extension options. A Los Angeles-based preferred equity partner also contributed capital to the deal, which closed on July 30. The property is fully stabilized.
“Despite a volatile rate environment and challenging Austin market fundamentals, Berkadia was able to arrange a collaborative and creatively structured senior debt and preferred equity capital stack to refinance the existing mortgage on the property,” said Wadler.
Built in 2020 at 665 N. Bagdad Road, The Conley offers thoughtfully designed one-, two-, and three-bedroom apartments featuring modern living spaces with 10-foot ceilings, high-end appliances and stylish finishes. Resort style community amenities include a sparkling pool, 24-hour fitness center, resident lounge with coffee bar, co-working space and a pet park.
Leander is a charming suburb approximately 40 minutes north of downtown Austin. The property offers residents convenient access to the town’s new downtown district, the Northline, featuring premium shopping and dining destinations, as well as nearby parks and recreation areas like Brushy Creek Lake Park and Devine Lake Park.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.
On the heels of its official groundbreaking, the Art Deco-inspired residential project secures construction financing, building on momentum of over 50% pre-construction sales for 103 luxury residences in North Beach
Miami-based real estate development firms Constellation Group and The Boschetti Group and Vietmar announced the successful closing of the $42.3 million construction loan for Ella Miami Beach, a 10-story boutique condominium in the heart of Miami’s North Beach neighborhood. Berkadia secured the construction loan through the lender Amerant Bank, which provided financing for a three-year, floating-rate loan term.
The highly anticipated development, which broke ground in February 2025, has already achieved more than 50% in pre-construction sales, demonstrating strong market validation for the project. Located at 6940 Abbott Avenue, Ella Miami Beach is scheduled for completion in 2026.
"Securing this construction financing represents a crucial milestone in bringing Ella Miami Beach to life," said Eduardo Otaola, Managing Principal of Constellation Group. "Our vision for this project has resonated strongly with buyers who recognize the unique opportunity to own a thoughtfully designed residence in one of Miami Beach's most promising neighborhoods. This financing allows us to continue our momentum and deliver on our commitment to creating an architectural landmark that honors Miami Beach's iconic Art Deco heritage.”
The financing was arranged by Berkadia South Florida, led by Scott Wadler, Mitch Sinberg, Brad Williamson, Matt Robbins and Mike Basinski.
“The development partners were early movers in the North Beach submarket, allowing them to set the neighborhood standard for new, high-quality residential living at an attractive price point,” said Wadler.
“We are proud to finance Ella Miami Beach, a development that reflects our commitment to South Florida’s growth and revitalization,” said Juan P. Esterripa, SEVP, Chief Commercial Banking Officer, Amerant Bank.
Designed by renowned architecture firm, Arquitectonica, Ella Miami Beach features studios, one- and two-bedroom floor plans. Residences range from 342 to 1,089 square feet, and pricing starts in the $500,000s, an attractive offering for new construction in Miami Beach, where prices typically begin above $1 million.
Primed for seamless indoor/outdoor living, each residence features gracious terraces with select homes offering impressive views of Biscayne Bay, the Atlantic Ocean, and the Miami skyline. Punctuating the style and sophistication of the project, each of the residences will be delivered with approximately 9-foot-high ceilings throughout, contemporary ItalKraft kitchens with stone countertops and JennAir appliances, and European-inspired designer closets. For a completely turn-key residential experience, bespoke Interiors by Steven G. packages are available for purchase at attractive pricing, blending modern furnishings with classic Art Deco architecture.
Among the many signature elements that enhance the experience of being an owner at Ella Miami Beach is a suite of amenities that include a rooftop pool and fitness center with boundless views of Biscayne Bay and Downtown Miami, a pickleball court overlooking the Atlantic Ocean, residents’ lounge, summer kitchen with an outdoor dining area, and an observation deck and lounge. The property’s wellness amenities include an outdoor yoga and meditation deck, a cold plunge, and a sauna. Other lifestyle conveniences include private beach club access managed by The Boucher Brothers, short-term rental options managed by Nomada, a coworking area for remote workers, complimentary beach cruisers, bike and beach toy storage, onsite parking and retail, and more.
The Ella Miami Beach sales gallery is located at 6897 Collins Avenue in Miami Beach. To schedule an appointment, contact This email address is being protected from spambots. You need JavaScript enabled to view it. or call 786.919.6940. For more information, visit www.EllaMiamiBeach.com.
With more than 50% of the 103 curated residences sold, the architectural landmark honoring Miami Beach's iconic Art Deco era officially begins construction
Miami-based real estate development firms Constellation Group and The Boschetti Group marked a significant milestone with the groundbreaking of Ella Miami Beach, the 10-story boutique condominium that promises to redefine luxury living in the heart of North Beach. Located at 6940 Abbott Avenue, the 103-unit development pays homage to the city's glamorous Art Deco heritage, offering a fresh approach to elegant urban living.
The ceremonial groundbreaking event was attended by key stakeholders, including Eduardo Otaola, Managing Principal of Constellation Group; Jose Boschetti, Principal of The Boschetti Group; Rainer Viete, Vice President of Vietmar; Raymond Fort from award-winning architectural firm Arquitectonica; Daniel de la Vega, President of One Sotheby’s International Realty; and Miami’s most recognized top brokers.
"Breaking ground on Ella Miami Beach is more than just the start of construction - it marks the realization of our team's vision. Ella isn’t just a residential condo project; it’s a tribute to Miami Beach’s rich architectural heritage and vibrant character," said Eduardo Otaola, Managing Principal of Constellation Group. “We're delivering on a promise to create a thoughtful, design-forward residential experience that respects Miami Beach's design legacy while meeting the sophisticated needs of today's buyers. We are honored to contribute to Miami Beach's bright future and help push its center of gravity northward."
The highly anticipated project has already garnered significant attention, with over 50% of its 103 residences sold prior to commencing construction. This compelling pre-construction interest underscores the project's unique value proposition and its potential to transform the North Beach landscape. With construction now officially underway, Ella Miami Beach is set to be completed in 2026.
Ella Miami Beach features studios, one- and two-bedroom floor plans. Residences range from 342 to 1,089 square feet, and pricing starts in the $500,000s—an attractive offering for new construction in Miami Beach, where prices typically begin above $1 million.
Primed for seamless indoor/outdoor living, each residence features gracious terraces with select homes offering impressive views of Biscayne Bay, the Atlantic Ocean, and the Miami skyline. Punctuating the style and sophistication of the project, each of the residences will be delivered with approximately 9-foot-high ceilings throughout, contemporary ItalKraft kitchens with stone countertops and JennAir appliances, and European-inspired designer closets. For a completely turn-key residential experience, bespoke Interiors by Steven G. packages are available for purchase at attractive pricing, blending modern furnishings with classic Art Deco architecture.
Among the many signature elements that enhance the experience of being an owner at Ella Miami Beach is a suite of amenities that include a rooftop pool and fitness center with boundless views of Biscayne Bay and Downtown Miami, a pickleball court overlooking the Atlantic Ocean, residents’ lounge, summer kitchen with an outdoor dining area, and an observation deck and lounge. The property’s wellness amenities include an outdoor yoga and meditation deck, a cold plunge, and a sauna. Other lifestyle conveniences include private beach club access managed by The Boucher Brothers, short-term rental options managed by Nomada, a coworking area for remote workers, complimentary beach cruisers, bike and beach toy storage, onsite parking and retail, and more.
The Ella Miami Beach sales gallery is located at 6897 Collins Avenue in Miami Beach. To schedule an appointment, contact This email address is being protected from spambots. You need JavaScript enabled to view it. or call 786.919.6940. For more information, visit www.EllaMiamiBeach.com.
Luxury furniture retailer with presence in 19 countries anchors new prestigious location amid Coral Gables design-centric retail and professional hub
Constellation Group, a Miami-based commercial real estate investment and development firm, along with The Boschetti Group, announced the strategic leasing of approximately 6,000 square feet of prime ground-floor retail space to ENNE, an internationally renowned luxury furniture brand, at its Class A+ boutique office and retail project at 4225 Ponce de Leon Blvd in South Florida's renowned “City Beautiful.”
"Welcoming ENNE to 4225 Ponce aligns perfectly with our vision for this property and our long-term investment in Coral Gables," said Eduardo Otaola, managing principal at Constellation Group. "Their presence adds to the vibrant mix of premium retailers and businesses that make this area such a distinctive destination while enriching the street appeal and walkability."
ENNE, founded in 1999 and headquartered in Ankara, Turkey, brings a rich international design heritage to Coral Gables. With showrooms spanning 19 countries, the brand is known for its unique approach to furniture design that blends craftsmanship, industrial innovation, and poetic simplicity.
The showroom will be strategically positioned at the Ponce de Leon Boulevard entrance, directly across from Nordstrom at Merrick Park. This prime location offers exceptional visibility and access to discerning customers from Coral Gables, Pinecrest, and Coconut Grove. The brand's commitment to creating extraordinary objects that balance flawless functionality with natural beauty makes them an ideal addition to 4225 Ponce's curated retail experience.
Colliers Executive Vice President Jonathan Carter and Vice President Pablo Camposano represented the landlord, Constellation Group, in the transaction. “Constellation Group has strategically leveraged Merrick Park's reputation as a distinguished destination that attracts sophisticated luxury brands,” said Camposano. “With ENNE's showroom currently based in the Design District, 4225 Ponce joins the brand’s esteemed roster of furniture and design offerings that spans 19 countries, contributing to the neighborhood’s role as a leading hub for refined innovation and style.”
Set for completion in the third quarter of 2025, 4225 Ponce will redefine boutique office space by fusing luxury and functionality in the vibrant Coral Gables entertainment district. Designed by the acclaimed Arquitectonica, the eight-story, Class A office building boasts a range of best-in-class amenities, including private terraces, a covered paseo with valet service, rooftop amenities, and ground-level retail. The building will offer unparalleled convenience and modernity, featuring state-of-the-art features such as hurricane-impact glazing, electric car charging stations, a bike room, and 13-foot clear ceiling heights. The presence of dedicated office elevators, on-site parking, and easy access to public transit adds to its convenience and appeal. Just steps away from the Shops at Merrick Park, this architectural gem will effortlessly blend into the vibrant urban landscape of Coral Gables, surrounded by arts, culture, wellness amenities, and a bustling dining scene.
The property enjoys a coveted address within a dynamic hub that combines business, leisure, and lifestyle. Merrick Park attracts over 100,000 visitors monthly with its flagship retailers Neiman Marcus and Nordstrom, more than 100 retailers, and an array of dining options. Coral Gables, renowned for its walkable streets, multinational corporations, and academic institutions, enhances the property’s appeal with its vibrant economy and exceptional quality of life. With effortless access to major South Florida highways, 4225 Ponce is positioned to cater to discerning tenants seeking an elevated environment amidst a thriving community.
For more information on this exciting development, visit www.4225ponce.com, or visit www.groupconstellation.com for further information on Constellation Group.
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ABOUT CONSTELLATION GROUP
Constellation Group is a South Florida-based real estate investment and development firm with extensive experience developing, financing, and marketing commercial and residential projects in high barrier-to-entry markets throughout the Southern United States. Constellation Group partners with renowned Architecture and Design firms to create best-in-class luxury live/work/play experiences that set new standards through elevated design and construction. Visit groupconstellation.com for more information.
ABOUT COLLIERS
Colliers is a leading global diversified professional services company, specializing in commercial real estate services, engineering consultancy and investment management. With operations in 70 countries, our 22,000 enterprising professionals provide exceptional service and expert advice to clients. For nearly 30 years, our experienced leadership – with substantial inside ownership – has consistently delivered approximately 20% compound annual investment returns for shareholders. With annual revenues exceeding $4.5 billion and $99 billion of assets under management, Colliers maximizes the potential of property, infrastructure and real assets to accelerate the success of our clients, investors and people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
A masterpiece of modern design, the penthouse redefines urban luxury with bespoke design, panoramic views, and unmatched amenities
Miami-based real estate development firms Constellation Group and The Boschetti Group just unveiled the crowning jewel of Ella Miami Beach: an exquisite rooftop penthouse, showcased at an exclusive event featuring celebrated interior designer Steven G. Priced at approximately $2.5 million, this one-of-a-kind residence embodies the pinnacle of refined urban living in the vibrant heart of Miami Beach.
"Our vision was to create a penthouse that transcends traditional luxury living to match Ella’s alluring personality," says Eduardo Otaola, Managing Principal of Constellation Group. "Every design element has been carefully curated to provide residents with distinct living experiences that combine sophistication, functionality, and world-class amenities."
The one-of-a-kind penthouse is the building's sole rooftop residence with direct elevator access, providing a private, secure entry to an extraordinary home. Spanning 1,171 square feet of interior space and complemented by an expansive 807-square-foot private terrace, the residence features 12-foot ceiling heights and a northern façade with sweeping floor-to-ceiling windows. The thoughtfully designed layout includes two bedrooms, a versatile den, and two full bathrooms, highlighted by a three-panel stacking sliding glass door that opens completely, connecting the 120-linear-foot terrace to the building's exclusive amenities.
The exclusive unveiling event displayed a meticulously curated furniture package designed to elevate the penthouse’s bespoke appeal. “The inspiration for this penthouse was to create a sanctuary that captures the essence of Miami Beach’s glamorous spirit, blending luxurious comfort with an effortless flow that connects indoor and outdoor living,” added Steven Gurowitz, Founder and President of Interiors by Steven G. “This furniture package offers a unique aesthetic and lifestyle feel, creating a home that is both a personal retreat and a statement of sophisticated urban living.”
Ella Miami Beach stands as the pinnacle of luxury urban living, offering residents an unparalleled lifestyle experience through its comprehensive suite of amenities and thoughtful design. The building boasts a rooftop pool and fitness center with breathtaking views of Biscayne Bay and Downtown Miami, complemented by a pickleball court overlooking the Atlantic Ocean and a wellness-focused area featuring an outdoor yoga and meditation deck, cold plunge, and sauna. Residents enjoy additional lifestyle conveniences, including a private beach club managed by The Boucher Brothers, a dedicated coworking space, complimentary beach cruisers, and convenient bike and beach toy storage. Each residence features contemporary ItalKraft kitchens with stone countertops and JennAir appliances, 9-foot ceilings, and gracious terraces with select units offering stunning views of the bay, the Atlantic Ocean, and the Miami City skyline.
In partnership with Nomada Residences, the development also offers turn-key short-term rental solutions, making it an attractive option for both investors and those seeking a sophisticated Miami Beach pied-à-terre. Exclusively marketed by ONE Sotheby's International Realty, the project offers residences ranging from 342 to 1,089 square feet, with pricing starting in the upper $500,000s and attracting global, design-savvy buyers from the United States and international markets including Mexico, Brazil, Colombia, and Europe.
Ella Miami Beach is the development team’s contribution to preserving and celebrating the rich history of Miami Beach. Long recognized as America’s most fashionable holiday hotspot, the 1930s represented a glamorous time when the country’s elite, Hollywood players, and most famous musicians -- including Ella Miami Beach’s namesake, Ella Fitzgerald -- descended upon the Floridian paradise, which would ultimately become one of the world’s most vibrant and eye-catching architectural treasure troves.
In a nod to the immensely popular Art Deco and Miami Modern (MiMo) architectural influences of that era, Arquitectonica paired Art Deco streamlined curves with modern 21st-century lines that highlight the building’s sweeping rooftop views that stretch from the city on one side to the ocean on the other. Other hallmarks of the architectural style, including soft, rounded building edges; nautical elements; architectural façade webbing; and scalloped or fluted patterns, were also incorporated into the design of Ella Miami Beach.
The Ella Miami Beach sales gallery is located in The Carillon at 6897 Collins Avenue in Miami Beach. To schedule an appointment, contact This email address is being protected from spambots. You need JavaScript enabled to view it. or call 786.919.6940. For more information about Ella Miami Beach, visit www.EllaMiamiBeach.com.
Sales success is attributed to Ella Miami Beach’s unparalleled value proposition, beach access, bountiful lifestyle amenities, stunning design features and prime Miami Beach location
Miami-based real estate development firms Constellation Group and The Boschetti Group are proud to announce that Ella Miami Beach, the highly anticipated new construction project in the heart of Miami Beach, is 50% sold. This significant milestone is a testament to the project's appeal and the diligent efforts of the dedicated development and sales teams.
"Achieving this important sales milestone brings us closer to commencing construction in early 2025. The strong interest demonstrates Ella Miami Beach’s exceptional blend of prime location, outstanding amenities, value, and unique boutique feel," stated Eduardo Otaola, Managing Principal of Constellation Group. "With its proximity to the beach and renowned retail destinations like Bal Harbour Shops, Ella Miami Beach provides an elevated lifestyle that appeals to both luxury buyers and investors. Additionally, the property’s allowance for short-term rentals — one of the few in the area —makes it an especially appealing opportunity for generating passive income in the highly sought-after Miami Beach market."
A true testament to the condominium's concept, Ella Miami Beach continues to attract discerning buyers drawn to its world-class style and the intimacy and exclusivity of a full-service boutique building. Exclusively marketed by ONE Sotheby’s International Realty, Ella Miami Beach features studios, one- and two-bedroom floor plans. With residences ranging from 342 to 1,089 square feet, pricing starts in the mid-$550,000s — an attractive offering for new construction in Miami Beach, where prices typically begin above $1 million.
"Buyers who have already purchased units recognize the unparalleled value Ella Miami Beach brings to this highly coveted market. The project’s appeal to a niche yet global, affluent, and design-savvy clientele has driven remarkable sales,” said Daniel de la Vega, President of ONE Sotheby’s International Realty. “Demand remains strong, with buyers from around the world contending for a home here." While the majority of Ella Miami Beach’s buyers are from the U.S., a significant number of international buyers are coming from Europe, Mexico, Argentina, Brazil, Colombia, and Peru.
With only a few units remaining, Ella Miami Beach’s recently announced studio collection provides an accessible entry into the exclusive Miami Beach market, perfect for pied-à-terre seekers and savvy investors seeking passive income. Meticulously designed to optimize space and functionality, the elegant studio residences, each spanning approximately 350 square feet, feature thoughtfully integrated built-ins, sleek kitchens, ample closet space, and smart storage solutions, ensuring a seamless and meticulously designed living experience.
In partnership with Nomada Residences, a full-service property management company specializing in short-term and seasonal rentals, Ella Miami Beach simplifies the process for owners interested in placing their units into a short-term rental program. This partnership offers turn-key solutions for owners while also maximizing revenue in a market with limited short-term rental options. Unlike the more saturated markets of Brickell and Downtown Miami, Miami Beach --particularly North Beach -- remains one of the few areas with a shortage of short-term rental opportunities, making Ella Miami Beach an especially attractive opportunity.
Primed for seamless indoor/outdoor living, each residence features gracious terraces with select homes offering impressive views of Biscayne Bay, the Atlantic Ocean, and the Miami skyline. Punctuating the style and sophistication of the project, each of the residences will be delivered with approximately 9-foot-high ceilings throughout, contemporary ItalKraft kitchens with stone countertops and JennAir appliances, and European-inspired designer closets.
Among the many signature elements that enhance the experience of being an owner at Ella Miami Beach, is a suite of amenities that include a rooftop pool and fitness center with boundless views of Biscayne Bay and Downtown Miami, a pickleball court overlooking the Atlantic Ocean, residents’ lounge, summer kitchen with an outdoor dining area, and an observation deck and lounge. The property’s wellness amenities include an outdoor yoga and meditation deck, cold plunge, and sauna. Other lifestyle conveniences include private beach club access managed by The Boucher Brothers, a coworking area for remote workers, complimentary beach cruisers, bike and beach toy storage, onsite parking and retail, and more.
The Ella Miami Beach sales gallery is located in The Carillon, at 6897 Collins Avenue in Miami Beach. To schedule an appointment, contact This email address is being protected from spambots. You need JavaScript enabled to view it. or call 786.919.6940. For more information about Ella Miami Beach, visit www.EllaMiamiBeach.com.
