Keystone scores $62M loan for office-to-resi conversion project near Dadeland Mall

"Keystone Development + Investment scored a $62 million loan for its office-to-residential conversions at two buildings near Dadeland Mall, a rare retrofit in South Florida. Office-to-residential conversions took hold in the Northeast, especially in New York, in recent years, marking new chapters for the towers struggling with higher vacancy due to the growth of hybrid work. The adaptation is less common in South Florida, where the office market boomed during a pandemic-era influx of companies."

"In the only known South Florida project, Keystone plans to create 212 apartments, combined, at the seven-story building at 9400 South Dadeland Boulevard and the eight-story building at 9500 South Dadeland Boulevard in unincorporated Miami-Dade County. The properties are in the Dadeland area of Kendall. Uniondale, New York-based Arbor Realty Trust, through an affiliate, provided the $62 million loan, records show."

"The 145,400-square-foot building at 9400 South Dadeland Boulevard will be converted into 121 apartments, and the 113,100-square-foot building at 9500 South Dadeland Boulevard into 91 apartments, according to Keystone's project filings to Miami-Dade and a company representative who spoke with The Real Deal in May. They are expected to be completed next year. Both buildings were built in the early 1980s, according to LoopNet. The conversions are part of Keystone's larger Hyve project on its 8.3-acre site now home to an office complex with a pair of garages."

Keystone Development + Investment obtained a $62 million loan from Arbor Realty Trust to convert two office buildings near Dadeland Mall into 212 apartments. The seven-story building at 9400 South Dadeland Boulevard will become 121 units across 145,400 square feet, and the eight-story building at 9500 South Dadeland Boulevard will become 91 units across 113,100 square feet. The properties sit on an 8.3-acre Hyve site in unincorporated Miami-Dade County's Dadeland area. Conversions are expected to be completed next year. Both buildings were constructed in the early 1980s. Keystone plans a 25-story, 219-unit tower where one garage currently stands.

Read at therealdeal.com