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

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FINANCED
$54,000,000

Florida

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Development Site
Financed 06/19/2025
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FINANCED

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

1901 Alton Road

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Development Site
Financed 06/19/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

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 Bank
LENDER
RG
Russell Galbut
20 deals$1.1B volume
LANDLORD
CH
Crescent Heights
LANDLORD

Details

FINANCED
IMAGE: Russell Galbut DATE: 06/19/2025 ADDRESS: 1901 Alton Road MARKET: Miami Beach ASSET TYPE: Development Site LENDER: Jorge Hernandez - Ocean Bank (@OceanBankUS) LANDLORD: Russell Galbut (@RussellGalbut) - Crescent Heights (@CrescentHeights); Marisa A. Galbut (@MGalbut) - GFO Investments LOAN AMOUNT: $54,000,000 LOAN TYPE: Construction NOTE: Ocean Bank issued a $54M construction loan to 1901 Alton Property LLC, tied to Russell and Marisa Galbut, for a Miami Beach retail project featuring a 40,883 sq. ft. Whole Foods, a 4,000 sq. ft. Wells Fargo branch, and 271 parking spaces. Jorge Hernandez of Ocean Bank originated the loan; terms and timeline remain undisclosed.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$54,000,000.00

Monthly NOI$360,000.00
Monthly Debt Service$341,316.73
Change in Cash Flow$0.00
Refinance Proceeds$0.00