Rosso Development, Standard International & Midtown Development Secure $45.045 Million Financing from Band OZK for the Standard Residences, Midtown Miami

Written by Posted On Thursday, 30 November 2023 09:08

Hospitality and real estate pioneers Rosso Development, Standard International and Midtown Development have closed on a $45,045,000 construction loan from Bank OZK for the highly anticipated The Standard Residences, Midtown Miami. A JLL Capital Markets Debt Advisory team, led by Managing Director Brian Gaswirth and Associate Jimmy Calvo, represented the developer.

“Securing this loan is a testament to the strength of the project, our remarkable team and what we are building together,” said Carlos Rosso, Founder of Rosso Development. “We set out to bring a lifestyle concept with character and soul to Miami, and we are incredibly proud to see the excitement surrounding our vision. We look forward to delivering a one-of-a-kind product to our buyers.”

 

“The enthusiasm from buyers for The Standard Residences speaks to the power of The Standard brand and our exceptional partner, Rosso Development,” stated Amar Lalvani, Executive Chairman of Standard International. “This financing commitment allows us to take the project to the next phase.”

 With Civic Construction as the general contractor and construction already underway, the first of its kind pied-à-terre-style building will rise 12 stories and deliver 228 residences with 34,000-square feet of thoughtfully imagined amenity spaces. 

“Carlos Rosso has an incredible reputation for being one of the premier condo developers in South Florida through his distinguished career at The Related Group,” said JLL Capital Markets Managing Director Brian Gaswirth. “The Standard Residences is a defining stamp on his new journey and has been met with great success as represented by its strong presales and ability to attract Bank OZK as its lending partner.”

“Bank OZK is pleased to provide construction financing for The Standard Residences,” stated Greg Newman, Senior Managing Director of Originations at Bank OZK. “This best-in-class product backed by the strength of The Standard brand will be an excellent addition to Midtown Miami and we are excited to help bring it to life.”

Located at 3100 N.E. 1st Ave, the boutique building is nestled in the heart of Midtown–Miami’s most connected and walkable neighborhood. Centrally positioned between The Design District and Wynwood, the property is situated directly across the street from the recently opened Trader Joe’s and The Shops at Midtown, which features a variety of exciting food & beverage options and convenient retail. Tapping the industry’s best talents, The Standard Residences is crafted by internationally acclaimed architecture firm Arquitectonica, renowned interior designer Urban Robot in collaboration with The Standard’s award-winning in-house design team, and landscape designer Naturalficial. 

Upon delivery, owners will enjoy the brand’s world-class design, amenities and service. Ranging from studios to two-bedroom layouts, the residences span 432-square feet to 965-square feet, with meticulously curated interiors that strike a perfect balance of style and functionality. Finishes include light wood plank tile flooring, gourmet kitchens with custom Italian cabinetry and Bosch appliances, while oversized bathrooms showcase stone vanities and double-suite rain showers. With an “anything but Standard” approach, the property will allow flexible living, enabling owners to lease out their units for terms as short as one month. 

Community-minded amenities are crafted to embrace social engagement and include an expansive lobby, Café, and outdoor terrace. A lushly landscaped rooftop features a 60-foot resort-style sunset pool with a signature restaurant and bar reminiscent of the vibrant ambiance The Standard pioneered from Hollywood to Miami and London. Health and wellness offerings include an indoor pickleball court, a state-of-the-art sweat room and fitness center, an infrared sauna, yoga and stretch studios. A dedicated social floor features a karaoke bar and screening room, as well as fully equipped co-working spaces, zoom rooms and a private boardroom. 

Completion of The Standard Residences, Midtown Miami is slated for the end of 2024. A limited selection of units remain starting at $499,900 and currently accepting only 30% down. Sales and marketing is exclusively managed by Douglas Elliman Development Marketing. For more information please visit thestandardmiamiresidences.com. 

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