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
Miami 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
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93