Concord Summit Capital, LLC (“Concord Summit”) has arranged a $12 million bridge loan for an infill property in Downtown Miami. Managing Director Justin Neelis and Associate Keegan Burger of Concord Summit’s Miami office sourced and advised the loan. The bridge loan is intended to refinance the existing mortgage and provide predevelopment funds for the sponsor, Blutrich Holdings, Inc (BHI). BHI plans to utilize these funds to realize its vision for the property, a 0.55-acre parking lot acquired in 2021 for $18 million. The site at 130 Southeast 1st Street benefits from the highest density zoning allowed, presenting a significant development opportunity.
BHI has ambitious plans for the site, intending to develop 545 multifamily units in a proposed 52-story tower named Clear Residences. The project, currently under review by Miami’s Planning Department and in the final stages of the approval process, is set to transform a 23,750-square-foot parking lot into a residential hub. Designed by Kobi Karp Architects, the development will also include 4,190 square feet of ground-floor retail space and 199 parking spaces spread across levels 2 through 6. With a proposed height of 694 feet above ground, the tower will significantly add to Downtown Miami’s skyline. The project, slated to commence construction in 2024, is set to contribute to Downtown Miami’s ongoing growth and evolution.
Clear Residences. Credit: Blutrich Holdings, Inc.
Justin Neelis commented on the financing arrangement, noting that competitive financing remains available for experienced sponsors in good locations despite banks pulling back considerably. He commended the lender for closing the loan in a short amount of time and under the original terms agreed upon. Neelis also highlighted the prime location of the land in the heart of Downtown Miami, positioning it well for development.
Clear Residences. Credit: Blutrich Holdings, Inc.
Blutrich Holdings, Inc is a Toronto-based family office founded in 2005 by Gil Blutrich, an Israeli-Canadian real estate entrepreneur and philanthropist. BHI owns several development sites in prime locations throughout North America, including three in Miami. Clear Residences is a significant addition to their portfolio, further cementing BHI’s presence in the Miami real estate market.
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A very welcome residential development for a core downtown Miami site.