Northlink gets $85M Deutsche Bank loan for North Beach condo

Deutsche Bank has provided Northlink Capital an $85 million construction loan for a 222-unit condo tower at 7200 Collins Avenue in North Beach, a money-center bank funding vertical condo construction for a sponsor without a marquee name. The number that got it done is not the loan size. It is 96 percent, the share of units under contract when the loan closed.

Why it matters

Balance-sheet lenders are not underwriting South Florida condo sponsors right now, they are underwriting contracts. At 96 percent presold, Deutsche Bank is lending against a signed buyer book rather than a sales forecast, which is why a first-time-to-this-lender sponsor could reach a bank instead of a debt fund at 300 basis points more. Developers should read the threshold literally: what clears a commercial bank on North Beach condo is not 50 or 60 percent, it is functionally sold out. Note also the product. This is studios to two-bedrooms at accessible price points, not $5 million ultra-luxury, and the depth of that buyer pool is what made the presale number reachable in the first place.

The numbers

The 12-story building totals 274,150 square feet across 222 units, with ground-floor retail, a beach club, a pool, a fitness center and rooftop sundecks. Revuelta Architecture International designed it. Arrow Real Estate Advisors arranged the debt.

We pulled the Miami-Dade Property Appraiser’s parcel and sales records for the site. The owner of record is 7200 Collins Holdings LLC, mailing to 1 E Broward Blvd, Suite 1010, in Fort Lauderdale. It holds four contiguous Normandy Beach South lots, 7121 Harding Avenue plus 7124, 7134 and 7140 Collins, at 6,250 square feet each for 25,000 square feet total. The entity took all four in a single deed from Lion Financial LLC for $17.33 million, recorded May 20, 2021 in OR Book 32538, Page 3871. That is roughly $693 per square foot of land, and the county still codes every one of those folios as vacant commercial land on the 2026 assessment roll.

What’s next

Watch for the vertical permit and for that vacant land code to flip. The other six lots on the block belong to Casa Grande Shopping Center LLC and AHM Advisors LLC, and North Beach’s redevelopment map runs through them. More at the South Florida market hub.