Macken secures $16.5 million construction loan for Koya Bay from NMB
Macken Companies has secured a $16.5 million construction loan to complete a development of luxury waterfront townhouses in its own backyard.
The North Miami Beach-based developer secured financing from LV Lending, according to a press release. The funds will be used to finish Koya Bay, a 10-storey townhouse complex on the Intracoastal Waterway at 4098 Northeast 167 Street. The project is located in the Eastern Shores neighborhood of North Miami Beach.
In February, Macken broke ground on the project, which is expected to be completed in the first quarter of next year, the statement said. Camilo Niño and Ricardo Uribe of LV Lending arranged the loan.
Designed by Randall Stofft Architects and Witkin Hults + Partners, the Koya Bay townhouses will be a mix of three, four and five bedroom homes ranging in size from 4,327 square feet to 5,288 square feet. Each townhouse in the gated community will feature a boat dock equipped with water and electricity, and a private rooftop terrace with a hot tub and outdoor kitchen, the statement said.
Macken Realty, a subsidiary of Macken, is handling sales and the project is nearly sold out, according to a company spokesperson. Prices start at $2.7 million. Another Macken entity, VCM Builders, is the general contractor for Koya Bay.
In October 2020, the City of North Miami Beach approved the site plan submitted by Macken. The company was founded nearly 30 years ago by CEO Alan Macken.
Koya Bay is close to another major development planned for North Miami Beach’s Intracoastal Waterway. Dezer Development, the Sunny Isles Beach-based company led by Gil Dezer, has city-approved plans to redevelop the Intracoastal Mall property at 3881 163rd Street. Dezer wants to turn the 30-acre site into a $1.5 billion mixed-use project with 1,750 condo units, 200 apartments, 50 townhouses, 250 hotel rooms, 375,000 square feet of retail and 200,000 square feet of office space.