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Brora Capital Provides $2.5 Million Bridge Loan For Highland Park Residences By Sphere Properties

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FINANCED
$2,500,000

Florida

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MultiFamily
Financed 06/13/2025
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Property Image
FINANCED

Brora Capital Provides $2.5 Million Bridge Loan For Highland Park Residences By Sphere Properties

845 Northwest 12th Street

See Similar Deals
MultiFamily
Financed 06/13/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan

The property asset involved in this transaction is Highland Park Residences, a multifamily development located at 845 Northwest 12th Street in Miami. The project is part of the planned $1 billion Miami Health District mega-development and received a loan amount of $2,500,000 for bridge-to-construction financing.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $2,500,000
  • Lender: Brora Capital
  • Landlord: Jose Castellano & Roger Lehman - Sphere Properties
  • Loan Type: Bridge
  • Date of Closing: June 13, 2025
  • Market: Miami

The deal highlights the collaborative efforts of Brora Capital, a private lending platform, and Sphere Properties, led by José Castellano and Roger Lehman. The loan was processed and closed in a remarkable 72 hours, showcasing the efficiency of the lending team and the strong vision of Sphere Properties for development in Miami’s urban corridors.

Players

BC
Brora Capital
BROKERAGE
BC
Brora Capital
LENDER

Details

FINANCED
IMAGE: Roger Lehman & Jose Castellano DATE: 6/13/2025 ADDRESS: 845 Northwest 12th Street MARKET: Miami ASSET TYPE: Multifamily LENDER: Brora Capital LANDLORD: Jose Castellano & Roger Lehman - Sphere Properties LOAN AMOUNT: $2,500,000 LOAN TYPE: Bridge NOTE FROM LENDER: Brora Capital Closes $2.5 Million Bridge-to-Construction Loan for Highland Park Residences, a Sphere Properties multi-family development near downtown Miami BOCA RATON, FL (June 16, 2025) – Brora Capital, a newly launched private lending platform focused on short-term real estate financing, has closed a $2.5 million bridge-to-construction loan for Highland Park Residences, located in the burgeoning Health District, just west of downtown Miami. The new residences will be strategically located in the planned $1B Miami Health District mega-development. The $2.5million dollar loan was closed in only 72-hours, from signed term sheet to closing on June 13, 2025, a remarkable feat. The loan marks another closing for the Fund launched in May 2025 “A big congratulations to the incredible team at Sphere Properties, including José Castellano and Roger Lehman, for their vision and execution. This is the kind of forward-thinking development we’re proud to support”, said Ignacio Diaz, Co-Founder & Managing Parter of Brora Capital. The entire Brora team is excited to watch this project take shape and help bring much-needed housing to one of Miami’s fastest-growing urban corridors.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$2,500,000.00

Monthly NOI$16,666.67
Monthly Debt Service$15,801.70
Change in Cash Flow$0.00
Refinance Proceeds$0.00