Ocean Bank Provides $54M Construction Loan For Miami Beach Development Site Tied To Russell Galbut

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.