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1901 Alton Road

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

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

Ocean Bank
Ocean BankLender

Russell Galbut

Crescent Heights

Landlord

$1.1B

vol

20 deals

Landlord

Miami Beach Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

Loading comparables…

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