Joseph Sitt Of Thor Equities Secures $18.5M Refinance Loan For Miami Development Site

The transaction involves a development site located at 2825 Northwest 2nd Avenue, 187 Northwest 28th Street & 2724 Northwest 2nd Avenue in the Miami market. The site spans 2 acres and is zoned for development up to 613,000 square feet. The properties were acquired in September for $30.5 million, which was roughly $32 million below their prior trade two years earlier.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $18,500,000
• Lender: Centennial Bank
• Landlord: Joseph Sitt - Thor Equities
• Loan Type: Refinance

The refinancing loan was secured by Thor Equities, represented by Joseph Sitt, highlighting the ongoing financial maneuvering within the Miami real estate market, particularly in the Wynwood neighborhood.