Synovus Bank Provides $54 Million Construction Loan To Yoram Izhak For Development Site In Miami

The property asset involved is a development site located at 2995 Northwest 79th Street in Miami's West Little River neighborhood. This site is part of the Northside Town Station project, which features a total of 244 multifamily units alongside 15,000 square feet of ground-floor retail space. The total development cost is estimated at $74 million.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $54,000,000
• Lender: Synovus Bank
• Landlord: Yoram Izhak - IMC Equity Group
• Loan Type: Construction
• Completion Scheduled: Summer 2027
• Workforce Housing Percentage: 12.5%

The key individuals in this transaction include Yoram Izhak, who represents IMC Equity Group as the landlord, and Synovus Bank, serving as the lender for the construction loan. This financing arrangement supports the development project, ensuring resources are allocated for the completion of the multifamily units and retail space.