LCOR Landed a $192 Million Construction Loan for a 544-Unit Edgewater Rental Tower

Per Bisnow's South Florida Deal Sheet, LCOR secured a $192 million construction loan from Natixis Corporate and Investment Banking for a 544-unit rental tower at 1775 Biscayne Blvd in Edgewater. Institutional Property Advisors arranged the debt, with Andrew Cohen and Max Herzog representing LCOR.

One note on the figure. The article's own URL says $193 million while the body text says $192 million. I am using $192 million from the body, and I would not lean on the last million either way.

Edgewater's supply math

This does not land in isolation. 2900 Terrace, a 32-story, 324-unit rental building at 401 NE 29th Street, topped out nearly three months ahead of schedule, per Florida YIMBY. Add 544 and 324 and Edgewater is taking on close to 900 rental units from two projects alone, both delivering into the same window.

• 1775 Biscayne. 544 units, 29 penthouses, 10,000 square feet of retail, 448 parking spaces, 40,000 square feet of amenities.
• 2900 Terrace. 324 units, 362 feet, 32 stories, 15,536 square feet of ground-floor retail and parking for 504 vehicles.
• 2900 Terrace capital stack. $210.5 million total, a $142.5 million senior loan from Bank OZK plus $68 million of mezzanine from Canyon Partners Real Estate.
• 2900 Terrace team and pace. Oak Row Equities and LNDMRK Development are the developers, Arquitectonica is the architect and Coastal Construction is the general contractor. The concrete crews averaged 1.5 floors a week, per Florida YIMBY.
• Delivery. 2900 Terrace is targeting Q4 2027. LCOR's schedule has not been published.

My read

If you own a rental condo in Edgewater, Midtown or Wynwood, plan for concession pressure into 2027 and 2028. A tower that tops out early wants to start leasing sooner, and early lease-ups are where concessions show up first. Two institutional buildings with 40,000-square-foot amenity decks and professional leasing teams do not compete with you on price alone. They compete with a month free, a waived application fee and a gym you cannot match. The owners who get hurt are the ones who renew at last year's number and then sit vacant for eight weeks in the fall. The owners who do fine are the ones who price two percent under the new building's net effective rent and keep a good tenant in place through the delivery wave. I will be honest about what is not public yet: no asking rents, no unit sizes, no unit mix, and no groundbreaking date for the LCOR project. Until those buildings publish a rent roll, the concession math is directional, not precise.