Vaster Closes $25 Million Construction Loan For Kort Development's Two Waterfront Homes In Surfside

The property involved in this transaction is a development site located at 9540 Bay Drive in Surfside, designed for two high-end waterfront residences. The site is set on over 23,000 square feet of bayfront land, featuring 125 feet of waterfrontage. The residence at this address is set to offer approximately 13,797 square feet of living space under air conditioning, with the addition of a newly constructed seawall and dock, aiming to establish a new record for the highest-priced single-family spec home in Surfside upon market entry. Additionally, the development site at 600 88th Street will offer 9,919 square feet of contemporary living space and is situated on a 15,075-square-foot corner lot with 75 feet of waterfrontage.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $25,000,000.00
• Address: 9540 Bay Drive
• Market: Surfside
• Landlord: Amit Kort and Tomer Kort - Kort Development
• Landlord's Rep: Tomer Kort (Kort Development), Amit Kort (Kort Development)
• Lender: Vaster
• Lender's Rep: Vice President of Bridge Lending (Vaster), Managing Director (Klein Kapital Advisors)

This transaction highlights the collaborative efforts of Kort Development, represented by Amit and Tomer Kort, who are overseeing the project's execution. Vaster, as the lender, is backed by its Vice President of Bridge Lending and the Managing Director fromKlein Kapital Advisors, ensuring that the financial aspects are adeptly managed for this significant real estate endeavor.