Terra And Lion Development Acquire Development Site In Midtown Miami With $30M Loan From Metropolitan Commercial Bank

The development site located at 3501 Northeast 1st Avenue in Midtown Miami has been involved in a closed transaction. The property, acquired by Terra and Lion Development, was financed through an acquisition loan provided by Metropolitan Commercial Bank. The loan amount for this transaction was $30,000,000. The seller in this deal was Alex Vadia, acting as the landlord.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $30,000,000

David Martin, representing Terra, and Michael Simkins, representing Lion Development, played crucial roles in this transaction as buyers. Manuel Vidal, from Metropolitan Commercial Bank, served as the lender, facilitating the acquisition loan. It's important to note that these details were not previously mentioned in the first paragraph.