North Development Secures $70M Construction Loan For Domus Brickell Park In Miami

Located at 1611 Southwest 2nd Avenue in Miami, the asset in question is a Development Site within the Brickell Financial District. The project, known as Domus Brickell Park, is spearheaded by North Development and is scheduled for completion in Q4 2025. The construction loan secured for this development amounts to $70 million, with over 50% of the 172 units already sold. Domus Brickell Park showcases the Domus FLATS brand, offering fully-furnished condos ranging from $600,000 to $1.2 million.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $70,000,000
• Market: Miami
• Lender: Forman Capital & Core Capital
• Landlord: Arturo Vidal, Juan Carlos Tassara, Ricardo Dunin & Eduardo Vargas - North Development
• Loan Type: Construction Loan

The key individuals and companies involved in this deal include Arturo Vidal, Juan Carlos Tassara, Ricardo Dunin, and Eduardo Vargas, who collectively form North Development. The lenders for the project are Forman Capital and Core Capital, solidifying the financial support for the development of Domus Brickell Park in Miami's vibrant market.