LCOR Secures $192.5M Loan for Edgewater Luxury Tower

New York-based developer LCOR has secured $192.5 million in construction financing for a 544-unit luxury apartment tower in Miami's Edgewater neighborhood, signaling continued confidence in South Florida's rental market despite current oversupply conditions.

Natixis Corporate and Investment Banking provided the construction loan, which translates to roughly $354,000 per unit for the 39-story building at 1775 Biscayne Boulevard. The financing matures in 2029, according to public records. Institutional Property Advisors, with Andrew Cohen and Max Herzog leading the team, represented LCOR in arranging the debt.

The development will rise on a 1.1-acre site located one block from the waterfront and Margaret Pace Park. LCOR, led by Anthony Tortora, Brian Barry and Anthony Barsanti, acquired the property for $49 million in 2022. Construction is already underway, with substantial completion anticipated in the fourth quarter of 2028.

ODP Architect designed the tower, while Asprea Studio handled interior planning. The project will feature more than 40,000 square feet of amenity space, over 10,000 square feet of ground-floor retail, and a 448-space parking garage. The unit mix includes studios, one-bedroom through three-bedroom apartments, and 29 penthouses.

The financing arrives as South Florida grapples with significant apartment oversupply. In 2024, developers delivered 18,600 new units, exceeding total leasing activity by approximately 20 percent, according to CoStar Group. Last year brought another 12,718 completed units, surpassing leasing by roughly 1,000 apartments. The surplus has pressured pricing, with median asking rent reaching $2,284 in May, down 2.2 percent from the previous year, per Realtor.com data.

The oversupply stems largely from a construction boom triggered by the pandemic-era migration of out-of-state residents to Florida. Much of the new inventory comprises four- and five-star properties in the luxury segment.

Nevertheless, developers continue launching projects across the region. Industry leaders argue that demand will eventually absorb current supply by the time new buildings reach completion. They also cite ongoing migration patterns, including recent blue-to-red state movement, as supporting long-term fundamentals. Many developers emphasize strategic submarket selection to avoid the most saturated areas.

Edgewater remains particularly active. Cain and Kushner paid $43.1 million last month for a 1.5-acre site where they plan a 40-story, 364-unit luxury tower. Meanwhile, Dezer Development received unanimous approval on June 25 from North Miami's planning board for the 586-unit Dezerland Park West, featuring a 14-story and an eight-story building.

Construction starts have decelerated compared to the pandemic boom years, yet the pipeline remains robust as developers bet on Miami's continued population growth and economic expansion.