Updated Jun 24, 2025
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
About this deal
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
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Browse Miami development site loans on Traded.
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