Bekir Okan Of Okan Group Secures $200 Million Loan From Bayview PACE For Miami Development Site

The asset involved in this transaction is a mixed-use high-rise located at 555 North Miami Avenue, Miami. The development features a 903-foot structure that will house various facilities including 316 hotel rooms, 236 condo-hotel units, 163 condos, 56,000 square feet of office space, 80,000 square feet of amenities, and a 429-space parking garage. It is currently on the 40th floor of construction and is expected to be completed in 2028.

Summary of transaction details:

• Property Type: Mixed-Use
• Transaction Amount: $200,000,000
• Lender: Jeffrey Klar & Anne Hill - Bayview PACE
• Landlord: Bekir Okan - Okan Group

Jeffrey Klar and Anne Hill represented Bayview PACE in the loan transaction, which provided financing for the Turkish developer Okan Group. The construction of the 70-story Hilton-branded condo-hotel tower is a significant investment in the Miami market, showcasing an extensive combination of residential, commercial, and hospitality spaces.