Flagler 251 Secures $14.25M Bridge Loan For Miami Mixed-Use Property | 251 East Flagler Street, 33131 & 40 Northeast 3rd Avenue | John Barney, Steven Sperandio | Mixed-use | Loan

Summary

Loan

FLORIDA

Mixed-use

91,127 sqft

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.

Players

All
4

Agents
2
Agencies
2

John Barney

Co-Founder, Managing Principal

$83.9M Sold

Steven Sperandio

Executive Managing Director, Debt & Structured Finance

$1.3M Sold

Ripco

Weber Frank Real Estate

Details

Deal Summary

FINANCED

IMAGE: Felix Gutnikov, @StevenSperandio & John Barney DATE: 04/29/2021 ADDRESS: 251 E. Flagler Street, 33131 & 40 NE 3rd Avenue MARKET: Miami ASSET TYPE: Mixed-use LOAN TYPE: Bridge LENDER: Thorofare Capital - Felix Gutnikov @FelixGutnikov LANDLORD: Flagler 251 BROKERS: Steven Sperandio @StevenSperandio & John Barney @JohnBarney35 - B6 Real Estate Advisors LOAN AMOUNT: $14,250,000 LOAN TERMS: Short-term, fixed rate bridge facility - 12 month loan term + extensions NOTE: Steven Sperandio, with the help of John Barney, secured a short-term bridge facility with Thorofare Capital. The property is currently being marketed for sale and this financing will be helpful in advance of the transfer of ownership. The property is the premier covered-land-play in the Downtown Miami market, which following the sale will ultimately be redeveloped into an 80-story, 2.6 million square-foot mixed-use conglomerate - totaling construction costs of approximately $1 billion. Additionally, this highly acclaimed redevelopment play has a "buzz" because the site is located alongside Flagler Street, which has the pending 'Downtown Flagler Street Beautification' project that will upgrade & convert the bordering roadway to a pedestrian-only retail corridor (which was recently given the go-ahead by Miami-Dade's Office of Capital Improvements on 4/21/2021).

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Address251 East Flagler Street, 33131 & 40 Northeast 3rd Avenue

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