Alex Witkoff And Kyle Asher Secure $367 Million Construction Loan For Multifamily Development In Downtown Miami

700 North Miami Avenue is a transit-oriented multifamily development located in Downtown Miami, comprising 894 residential units and approximately 723,000 square feet of space. The property is strategically positioned adjacent to Miami Worldcenter and has received a substantial financing package for construction purposes.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $367,000,000
• Units: 894
• Square Footage: 723,000
• Address: 700 North Miami Avenue
• Market: Downtown Miami
• Lender: Ben Gray, Scott Weiner - Apollo Global Management; Jeremy Hellinger, Jamie Dimon - J.P. Morgan
• Borrower: Alex Witkoff – Witkoff; Kyle Asher – Monroe Capital
• Capital Advisor: Faisal Ashraf - Lotus Capital Partners
• Loan Type: Construction

Lotus Capital Partners structured a financing package that secures the project, which includes both Construction and Land Loan sleeves. The Construction Financing will fund Phase I of the development and plans for the completion of future phases are in place as part of the overall execution strategy.