Flagler 251 Secures $14.25M Bridge Loan For Miami Mixed-Use Property

The property involved in this transaction is located at 251 E. Flagler Street and 40 NE 3rd Avenue in Miami. It is a mixed-use asset in the Downtown Miami market. The loan type for this transaction is a bridge loan.

Summary of transation details

• Property Type: Mixed-use
• Transaction Amount: $14,250,000
• Loan Type: Bridge
• Lender: Thorofare Capital - Felix Gutnikov
• Landlord: Flagler 251
• Brokers: Steven Sperandio - B6 Real Estate Advisors

Steven Sperandio, with assistance from John Barney, secured a short-term bridge loan with Thorofare Capital for this property. The financing will be beneficial in preparation for the transfer of ownership as the property is currently being marketed for sale. This property is known as the premier covered-land-play in the Downtown Miami market and its redevelopment plan includes an 80-story mixed-use complex with an estimated construction cost of $1 billion. Notably, the property's location alongside Flagler Street adds to its appeal, as the pending 'Downtown Flagler Street Beautification' project will convert the adjacent roadway into a pedestrian-only retail corridor.