Ari Pearl And Partners Secure $235M Loan For 728-Unit Palm Aire Project In North Miami Beach

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.