North Development Secures $70.7M Construction Loan For Miami Development Site | 1611 Southwest 2nd Avenue | Core Capital | Robert Kaplan, Mark Rutherford | Condo | Loan

Summary

Loan

FLORIDA

Condo

Located at 1611 Southwest 2nd Avenue in Miami, the development site for a transformative project in Brickell Financial District boasts a loan amount of $70,709,686 for construction purposes.

Summary of transation details:

Property Type: Development Site
Transaction Amount: $70,709,686
Lender: Ben Jacobson - Forman Capital; Luis Marcelo Indacochea - Core Capital
Landlord: Ricardo Dunin, Arturo Vidal, Juan Carlos Tassara, and Eduardo Vargas - North Development
Brokers: Robert Kaplan & Mark Rutherford - Cushman & Wakefield
Loan Type: Construction Loan

North Development, the joint-venture between Ricardo Dunin's Oak Capital and Peru-based Edifica led by Juan Carlos Tassara, secured the construction loan for their 12-story, 172-unit tower at Domus Brickell Park. Already over 50% sold, this project in Miami's vibrant Brickell Financial District is set to be completed by next winter. The capital stack for the loan was structured by Cushman & Wakefield's Robert Kaplan and Mark Rutherford.

Players

All
4

Agents
2
Agencies
1
Lenders
1

Robert Kaplan

Executive Managing Director

$35M Sold

Mark Rutherford

Senior Financial Analyst

$35M Sold

Cushman & Wakefield

Core Capital

Details

Deal Summary

FINANCED

IMAGE: Ricardo Dunin, Mark Rutherford, Juan Carlos Tassara, Ben Jacobson, Arturo Vidal, Robert Kaplan, Eduardo Vargas & Luis Marcelo Indacochea DATE: 04/05/2024 ADDRESS: 1611 Southwest 2nd Avenue MARKET: Miami ASSET TYPE: Development Site LENDER: Ben Jacobson (@BenjaminJacobsonfl) - (@FormanCapital); Luis Marcelo Indacochea - Core Capital (@CoreCapitalSAF) LANDLORD: Ricardo Dunin, Arturo Vidal (@DonArtu), Juan Carlos Tassara & Eduardo Vargas - North Development (@NorthDevelopmentGroup) BROKERS: Robert Kaplan & Mark Rutherford - Cushman & Wakefield (@CushWake) LOAN AMOUNT: $70,709,686 LOAN TYPE: Construction Loan NOTE FROM LANDLORD: On the heels of the official groundbreaking ceremony of Domus Brickell Park – a transformative, short-term-rental-friendly project in Miami’s vibrant Brickell Financial District – the developer, North Development, announced the securement of a $70 million construction loan from South Florida-based Forman Capital and Core Capital. Robert Kaplan and Mark Rutherford from Cushman and Wakefield helped structure the capital stack. North Development is a joint-venture between a pair of industry leaders, Ricardo Dunin’s Oak Capital and Peru-based Edifica, led by Juan Carlos Tassara. Already more than 50% sold, the 12-story, 172-unit tower – located at 1611 SW 2nd Avenue – is slated for delivery next winter.

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Address1611 Southwest 2nd Avenue

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