North Development Secures $220 Million Construction Loan For Domus Brickell Center In Miami

The asset involved in this transaction is a hotel condominium located at 1034 Southwest 2nd Avenue in Miami. This property encompasses a total square footage of 262,559 and is a 36-story, 579-unit condominium that is friendly to short-term rentals.

Summary of transaction details:

• Property Type: Hotel Condominium
• Transaction Amount: $220,000,000
• Lender: Anne Hill - Bayview PACE
• Lender: Luis Marcelo Indacochea - Core Capital
• Landlord: Ricardo Dunin, Arturo Vidal, Juan Carlos Tassara & Eduardo Vargas - North Development
• Capital Advisor: Faisal Ashraf - Lotus Capital Partners
• Loan Type: Construction

This financing package was arranged by Faisal Ashraf of Lotus Capital Partners on behalf of North Development. The loan will facilitate the ground-up development of this residential project, which is set to attract both domestic and international buyers.