Loan

Bridge Loan Secured for Condo Conversion in Pompano Beach’s Growing Koi Community

8:00 am on August 31, 2024 By Oscar Nunez

Forman Capital has provided a $55.22 million bridge loan to facilitate the conversion of 214 Class A rental units into for-sale condominium residences in Pompano Beach, one of South Florida’s rapidly developing cities. The Envy project comprises two 11-story buildings located at 450 E. Atlantic Blvd. between Dixie Highway and U.S. 1, and is part of the larger Koi master-planned community, which includes trails, parks, and a private 26-slip marina. The loan originated from Forman Capital’s Ben Jacobson, Scott Mehlman, and Ty Regnier on behalf of the borrower, Envy Development DE, LLC. The financing was brokered by Jay Miller, Spencer Miller, and Noah Rothman of BayBridge Real Estate Capital, with the transaction closing on August 29, 2024.

$35 Million Financing Secured for JEM Private Residences at 1016 NE 2nd Avenue in Miami Worldcenter

8:00 am on August 16, 2024 By Oscar Nunez

BHI, the U.S. division of Bank Hapoalim and a full-service commercial bank, announced the provision of $35 million in predevelopment financing to Naftali Group for JEM Private Residences, a 67-story mixed-use tower planned for 1016 Northeast 2nd Avenue in Miami, Florida. The over 700-foot-tall development will include 259 condominium units, 530 multifamily rental units, 3,259 square feet of ground-floor retail space, and 283,863 square feet dedicated to parking.

$69.9 Million Refinancing Secured for 4000 Ponce/The Collection in Coral Gables

8:00 am on July 11, 2024 By Oscar Nunez

Miami-based real estate development firm CMC Group has obtained a $69.9 million loan from City National Bank of Florida (CNB) for the refinancing of 4000 Ponce/The Collection, a nine-story Class-A mixed-use office and retail development in Coral Gables. Developed by CMC Group Founder Ugo Colombo in 2002, the Mediterranean-style building is also home to The Collection, a luxury car dealership featuring brands such as Ferrari, Aston Martin, and Porsche. The property is located at the intersection of Ponce de Leon Boulevard and Bird Road and includes 150,000 square feet of Class A office space and 32,000 square feet of ground-floor retail. It is over 90% leased to tenants, including Steinway & Sons, Coldwell Banker, and Hemisphere Media Group.

Record-Breaking $600 Million Loan Secured For 80-Story Cipriani Residences Miami Ahead Of Groundbreaking

8:00 am on February 9, 2024 By Oscar Nunez

Mast Capital, a Miami-based real estate developer, is gearing up to begin construction on Cipriani Residences Miami following robust sales activity. The developer has secured a record-breaking construction loan of $600 million from Mexico’s Banco Inbursa and Ascendant Capital Partners, the largest amount ever obtained for a single-tower residential construction in Florida. The considerable loan, consisting of $350 million from Banco Inbursa and $250 million from Ascendant Capital Partners, highlights the strong market confidence in the project, driven by its sought-after design, amenity offering, and prime location in the Brickell neighborhood.

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