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.