Coastland Closes $84.5M PNC Loan for Vybe 75 in Glenvar Heights

Coastland Residential, working with Norle Properties, has closed an $84.5 million construction loan from PNC Bank for Vybe 75, a 366-unit, eight-story apartment building with 5,000 square feet of ground-floor retail at 4383 SW 75th Ave in Glenvar Heights, according to Commercial Observer. The Pinecrest-based firm’s principals, Anthony Seijas and Alejandro Rodriguez, are building the project just east of Tropical Park and the Palmetto Expressway, south of Bird Road.

Why it matters

This financing close lands two days after The American Developer’s permit wire caught Miami-Dade RER permit 2026063588, issued August 7 for the same address, developer of record Norle Properties Corp and contractor Coastland Construction Management. That permit valued the work at $73.2 million, a figure now superseded by the actual $84.5 million loan Coastland secured, an $11.3 million gap between what the county’s filing captured and what the deal actually costs to build. Vybe 75 is also just the opening phase. Commercial Observer reports the buildout is expected to reach about 1,000 units total on the assemblage, meaning this loan funds roughly a third of the eventual project.

The numbers

PNC Bank’s loan totals $84.5 million against a 4.3-acre site Coastland acquired last year for $14.5 million. At least a portion of the 366 units will be priced within 120 percent of area median income. The county permit that preceded this close carried a construction valuation of $73.2 million, filed August 7 for the identical 587,368-square-foot, 8-floor, 366-unit scope.

What’s next

With financing closed, Coastland Construction Management can mobilize on-site under the permit already on file. The American Developer will track Miami permit activity for the follow-on phases needed to reach the roughly 1,000-unit total Coastland has outlined for the Glenvar Heights assemblage.