Spencer Morris, Carmine Berardi & The Espinosa Family Secure $138.5 Million Loan For Ziggurat In Coconut Grove

The property asset involves a mixed-use development located at 3101-3111 Grand Avenue in Coconut Grove. This Class A office, retail, and residential project encompasses a total of 196,000 square feet and includes 19 luxury condominium residences designed by Oppenheim Architecture.

Summary of transaction details:

• Property Type: Mixed-Use
• Transaction Amount: $138,500,000
• Market: Coconut Grove
• Lender: Benjamin Schwartz, Jason Kollander, Yaroslav Portuhay, and Adrian Rahimi - MSD Capital & Bank Hapoalim (BHI)
• Borrower: Spencer Morris, Carmine Berardi, and The Espinosa Family - The Allen Morris Company
• Capital Advisor: Faisal Ashraf - Lotus Capital Partners
• Loan Type: Mixed Use Office/Retail/Residential Construction Financing

The transaction was facilitated by Faisal Ashraf of Lotus Capital Partners, who arranged the construction financing on behalf of The Allen Morris Company and the Espinosa Family for this significant mixed-use development known as Ziggurat.