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

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FINANCED
$18,500,000

Florida

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Development Site
Financed 12/18/2025
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FINANCED

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

2825 Northwest 2nd Avenue, 187 Northwest 28th Street & 2724 Northwest 2nd Avenue

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Development Site
Financed 12/18/2025
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

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.

Players

Centennial Bank
Centennial Bank
LENDER
Joseph Sitt
Thor Equities
Joseph Sitt
37 deals$1.1B volume
LANDLORD

Details

FINANCED
IMAGE: Joseph Sitt DATE: 12/18/2025 ADDRESS: 2825 Northwest 2nd Avenue, 187 Northwest 28th Street & 2724 Northwest 2nd Avenue MARKET: Miami ASSET TYPE: Development Site ~ ACRES: 2 LENDER: Centennial Bank (@my100bank) LANDLORD: Joseph Sitt - Thor Equities (@ThorEquities) LOAN AMOUNT: $18,500,000 LOAN TYPE: Refinance NOTE: Thor Equities secured an $18.5M refinancing loan from Centennial Bank for a 2-acre development-site assemblage in Miami’s Wynwood neighborhood, zoned for up to 613,000 SF. The properties were acquired in September for $30.5M, roughly $32M below their prior trade two years earlier.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$18,500,000.00

Monthly NOI$123,333.33
Monthly Debt Service$116,932.58
Change in Cash Flow$0.00
Refinance Proceeds$0.00