Canvas, the condominium tower planned for Miami’s Arts & Entertainment District, has signed off on its $70 million construction loan from Bank of the Ozarks, The Real Deal has learned.
NR Investments, developers of the 513-unit project, signed off on the loan on Tuesday, Ron Gottesman, co-founder and principal of NR Investments, told TRD. The funding had been in the works for months.
The 37-story project began construction two weeks ago and is now finalizing excavation. By the end of the week, work on pilings will begin, said NR Investments co-founder and principal Nir Shoshani. “So the 24-month process started last week.”