Ocean Bank Provides $54M Construction Loan For Miami Beach Development Site Tied To Russell Galbut
1901 Alton Road
$54,000,000
Building Size
—
Asset Type
Development Site
Closing
Jun 19, 2025
AI
The property asset involved in this transaction is a development site located at 1901 Alton Road in Miami Beach. The site includes a construction loan amounting to $54,000,000, which is intended for a retail project that will feature a 40,883 sq. ft. Whole Foods, a 4,000 sq. ft. Wells Fargo branch, and 271 parking spaces.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $54,000,000
- Lender: Jorge Hernandez - Ocean Bank
- Landlord: Russell Galbut - Crescent Heights
- Landlord: Marisa A. Galbut - GFO Investments
- Loan Type: Construction
The loan was issued by Ocean Bank to 1901 Alton Property LLC and originated by Jorge Hernandez. The details regarding terms and timeline for the loan remain undisclosed.
Players
Miami Beach Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93