North Development Secures $70.7M Construction Loan For Miami Development Site

The property asset involved in this transaction is a development site located at 1611 Southwest 2nd Avenue in Miami. This asset is a 12-story tower consisting of 172 units and is more than 50% sold. The construction loan obtained for this project amounts to $70,709,686, aimed at facilitating its development in the Brickell Financial District.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $70,709,686
• Lender: Ben Jacobson and Luis Marcelo Indacochea from Core Capital
• Landlord: Ricardo Dunin, Arturo Vidal, Juan Carlos Tassara, and Eduardo Vargas from North Development
• Brokers: Robert Kaplan and Mark Rutherford from Cushman & Wakefield
• Loan Type: Construction Loan
• Project Name: Domus Brickell Park
• Partnership: North Development is a joint venture of Ricardo Dunin’s Oak Capital and Peru-based Edifica, led by Juan Carlos Tassara
• Delivery Timeline: Scheduled for next winter

The deal highlights the collaboration between North Development and their lenders, showcasing the strong market presence and expertise of the involved parties. The project is aimed at short-term rentals in a prime location, emphasizing the strategic positioning within the Brickell Financial District. Cushman and Wakefield's involvement in structuring the capital stack illustrates the critical role of brokerage firms in facilitating such transactions.