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The loan will fund One West Twelve Residences (One W12), a 22-story development with 372 units planned at 105 Northwest Eleventh Terrace. The short-term-rental-friendly condo project will feature a mix of studio and one-bedroom condominiums, along with a limited number of townhouse-style units.

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Developers are offloading parcels for mixed-use, condo, townhome and multifamily projects, as some struggle to land equity investors or bank financing.

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One third of the office space has already been pre-leased, the developers said, even before the project was publicly announced.