Lalezarian Properties Secures $150M Construction Loan For 550-Unit Development Site In Downtown Miami

The development site located at 700 NE 1st Avenue in Downtown Miami has recently undergone a closed transaction. Spanning across 1.9 acres, this development site has a total of 550 units. The property, captured in an image by Kevin Lalezarian, presents a valuable opportunity in the real estate market.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $150,000,000
• Units: 550
• Acres: 1.9
• Market: Downtown Miami

In this closed transaction, the lender responsible for financing the development project is Bank of New York Mellon. The loan, amounting to $150,000,000, is categorized as a Construction Loan. The landlord of the property is Lalezarian Properties, with Kevin Lalezarian representing the company in this deal.