3650 REIT Provides $55 Million Acquisition Loan For Development Site In Brickell, Miami

A development site located at 99 SW 7th Street in Brickell, Miami has been involved in a recent closed property transaction. The property, with a building size of 70,526 square feet and a buildable square footage of 1,269,000, has attracted attention in the market.

Summary of transation details

• Property Type: Development Site
• Transaction Amount: $55,000,000
• Market: Brickell, Miami
• Lender: 3650 REIT
• Landlord: Newgard Development Group - Harvey Hernandez
• Broker: Faisal Ashraf - Lotus Capital Partners

Faisal Ashraf from Lotus Capital Partners represented the buyer in this acquisition deal. The loan, provided by 3650 REIT, has a two-year term. The transaction took place on September 14, 2021, with Faisal Ashraf and Harvey Hernandez, the representative of Newgard Development Group, playing key roles in the deal.