Reik Partners, a Miami-based real estate firm, has recently secured a $6.8 million construction loan for a new single-family home project in Homestead, Florida. The project, scheduled for completion by 2026, represents a significant investment in the region’s housing market and highlights the firm’s expansion into residential development.
The development, led by Reik Partners’ Principal Lorenzo Cordeiro, will feature a total of 32 homes. According to the firm’s website, the project will begin presales in March. These homes, varying in size from 2,300 to 3,700 square feet, are designed to cater to a diverse range of buyers, with prices ranging from $525,000 to $675,000.
Jon Bianchi, CFO of Reik Partners, has expressed confidence in the project’s financial prospects, anticipating a full sellout value exceeding $20 million. The target market for these homes includes not only local families but also individuals relocating from the Northeast and current condo owners looking for larger living spaces.
The funding for this venture has been provided by MetLife Securities, in the form of a $6.8 million guidance line of credit. This financial support is a crucial factor in the project’s initiation and progression.
The choice of Homestead for this development reflects Reik Partners’ strategic approach to real estate investment. The area, known for its proximity to Miami and its relatively affordable housing market, presents an attractive opportunity for new residential projects. The firm’s decision to embark on this development indicates a positive outlook on the region’s growth and the demand for single-family homes.
As the project moves forward, it will be a development to watch in South Florida’s evolving real estate landscape. With a mix of housing sizes and prices, the development by Reik Partners aims to meet the growing demand for single-family homes in the area. For more details on this project and the company’s broader strategy, visit Reik Partners’ website at here.
