Updated Sep 16, 2026
Daniel Cardenas, Michael Sullivan, And Gustavo Agostini Secure $28M Construction Loan For Miami Development
710 Northeast 1st Avenue
$28,000,000
Building Size
—
Asset Type
Development Site
Closing
Sep 14, 2026
About this deal
AI
The property asset involved in the transaction is a development site located at 710 Northeast 1st Avenue, Miami, FL. This site spans 27.0 acres and is currently under development, designed for a mixed-use project comprising retail, restaurant, and office spaces. The project consists of a three-story building that is approximately 60,000 square feet in size and is about 65% complete, with an expected delivery timeframe in late 2026 or early 2027. The property is 90% leased at this stage of development.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $28,000,000
- Loan Type: Construction
- Lender: BridgeInvest
- Landlord: Daniel Cardenas, Michael Sullivan & Gustavo Agostini - MWC Block E Owner LLC
A partnership between Daniel Cardenas, Michael Sullivan, and Gustavo Agostini is behind the secured construction loan from BridgeInvest. This collaboration is focused on completing the ongoing development project, indicating significant investment and ongoing development operations at Miami Worldcenter.
On the Map
$28,000,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93