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255 Southwest 9th Street

Santiago Vanegas Of Habitat Group Secures $21.9M Loan For Smart Brickell Development In Miami
FINANCEDDevelopment Site

Santiago Vanegas Of Habitat Group Secures $21.9M Loan For Smart Brickell Development In Miami

255 Southwest 9th Street

$21,900,000

Building Size

Asset Type

Development Site

Closing

Jun 23, 2025

AI

The property asset involved in this transaction is located at 255 Southeast 9th Street, Miami, and is classified as a development site. The construction loan amounts to $21,900,000, which will facilitate the development of the second tower of Smart Brickell, a 22-story project that includes 50 fully pre-sold condo units built atop an existing hotel-condo. The anticipated completion date for this project is March 2026.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $21,900,000
  • Lender: Lisette Podetti & Eddie Diaz - Ocean Bank
  • Landlord: Santiago Vanegas - Habitat Group
  • Previous Loan: $12,500,000 from LV Lending
  • Market: Miami

This transaction was executed by 255 Brickell Investments LLC, which is spearheaded by Santiago Vanegas of Habitat Group. The funding provided by Ocean Bank underscores a significant move in the ongoing redevelopment efforts within Miami's West Brickell area.

Players

Ocean Bank
Ocean BankLender

Eddie Diaz

Ocean Bank

Lender

$63.3M

vol

2 deals

Lender

Santiago Vanegas

Habitat Group

Landlord

$149.6M

vol

9 deals

Landlord

Miami 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

0.72%

Cash-on-Cash

-0.21%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93