Macken Companies Secures $16.5M Construction Loan for Luxury Community in North Miami Beach

A North Miami Beach developer has secured a $16.5 million construction loan for Koya Bay, a North Miami Beach luxury waterfront townhome community on the Intracoastal Waterway.

The loan was arranged on behalf of developer Alan Macken, principal of Macken Cos., by Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending, a Miami-based private lender. 

LV Lending has been a terrific financial partner to us,” said Macken in a press release. “We appreciate their enthusiasm and confidence in our execution to ensure its success. We look forward to delivering this beautiful community to our buyers and the City of North Miami Beach.”

With more people seeking family-friendly but also luxury living spaces, the gated community features 10 four-story residences with private rooftop terraces and three-, four- and five-bedroom floor plans. Each unit ranges from 4,327 to 5,288 square feet, with a private elevator and two-car grace with an optional car lift. Pricing starts at $2.6 million.

Koya Bay will be located in the Eastern Shores neighborhood which has its own park and playground and is only steps from Sunny Isles Beach and Oleta River State Park, a 1,042-acre Florida State Park on Biscayne Bay.

With an increase in boat sales during the pandemic, the developer made sure to include boat slips that are outfitted with water and electricity for residents. The property is surrounded by water on three sides and the waterway has no fixed bridges. It’s minutes away from the Haulover cut, sandbar and ocean.

The project broke ground in February and is expected to be delivered in Q1 of 2023. Macken Cos. affiliate VCM Builders is the general contractor, and Macken Realty is the exclusive sales agent.

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