GALBUT FAMILY & MATIS COHEN ACQUIRE MIAMI BEACH DEVELOPMENT SITE WITH $98M OCEAN BANK LOAN

Located in Miami Beach, the development site at 7125-7145 Carlyle Avenue, 7100-7144 Byron Avenue, and 527 71st Street has recently secured a $98,000,000 construction loan from Ocean Bank. The loan was obtained by The Galbut Family, represented by Marisa Galbut of GFO Investments, and Matis Cohen. The loan amount will be utilized for the construction of a 22-story building, encompassing 270 apartments, including 121 co-living units, and approximately 12,500 square feet of retail space.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $98,000,000
• Market: Miami Beach
• Address: 7125-7145 Carlyle Avenue, 7100-7144 Byron Avenue & 527 71st Street
• Asset Type: Development Site
• Size: 1.7 acres

The Galbut Family, along with Marisa Galbut and Matis Cohen, successfully secured the construction loan from Ocean Bank. This loan will enable them to proceed with the development of the 22-story building, which will consist of 270 apartments, including 121 co-living units. Furthermore, the project will also incorporate approximately 12,500 square feet of retail space.