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Ari Pearl And Partners Secure $235M Loan For 728-Unit Palm Aire Project In North Miami Beach
FINANCED
$235,000,000
+ 2
Florida
See Similar DealsDevelopment Site
Financed 09/03/2025
FINANCED
Ari Pearl And Partners Secure $235M Loan For 728-Unit Palm Aire Project In North Miami Beach
1775 Northeast 167th Street
See Similar DealsDevelopment Site
Financed 09/03/2025
+ 2
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Loan
The property asset involved in this transaction is a development site located at 1750 & 1775 Northeast 167th Street in the North Miami Beach market. The site spans 8 acres and has an associated loan amount of $235,000,000 designated for construction purposes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $235,000,000
- Loan Type: Construction
- Lender: BDT & MSD Partners; Skylight Real Estate Partners; Meadow Partners
- Landlord: Ari Pearl - PPG Development; Isaac Khabie - Ark Ventures; Matt Press - Equishares
- Brokers: Aaron Kurlansky - Sheridan Capital; Aaron Jungreis & Alex Fuchs - Rosewood Realty Group
PPG Development, in partnership with Isaac Khabie and Matt Press, secured the financing to develop the 728-unit Palm Aire project. The financing structure includes a $205 million construction loan from BDT & MSD Partners, along with an additional $30 million in preferred equity provided by Skylight Real Estate Partners and Meadow Partners.
Players
LENDER
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$235,000,000.00
Monthly NOI$1,566,666.67
Monthly Debt Service$1,485,359.86
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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