Spencer Morris, Carmine Berardi & The Espinosa Family Secure $138.5 Million Loan For Ziggurat In Coconut Grove
3101 Grand Avenue
$138,500,000
$706/SF
Building Size
196,000 SF
Asset Type
Mixed-use
Closing
Nov 20, 2025
About this deal
AI
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.
On the Map
$138,500,000
$706/SF
Mixed-use
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Players
Miami Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93