Updated May 4, 2026
Andrew Rasken Of META Development Secures $18.5 Million Loan For Colette Residences In Miami
1880 Brickell Avenue
$18,500,000
Units
38
Asset Type
Development Site
Closing
Apr 28, 2026
About this deal
AI
The asset involved is a development site located at 1880 Brickell Avenue, Miami, consisting of 0.8 acres. Meta Development secured a loan amount of $18.5 million to facilitate pre-development work for the planned Colette Residences condo project, which will feature 38 luxury units with prices starting at $3.3 million and is anticipated for completion in 2028.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $18,500,000
- Address: 1880 Brickell Avenue
- Market: Miami
- Landlord: Andrew Rasken - META Development
- Lender: BridgeCity Capital
Andrew Rasken represents META Development in this transaction. The project is part of a larger expansion effort by the firm in Miami, which includes the ongoing construction of the Opus condo project in Coconut Grove.
On the Map
$18,500,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.86%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93