Artifact Group & Blutrich Holdings Refinance Bayfront Parking Garage With $20M Loan

The Bayfront Parking Garage located at 255 Northeast 1st Street in Miami, FL, spans 0.86 acres. The property was acquired in 2021 by Artifact Group and Blutrich Holdings Inc. The recent refinancing involved a loan amount of $20,000,000 arranged by Concord Summit Capital, with Managing Director Justin Neelis facilitating the refinance deal.

Summary of transaction details:

• Property Type: Parking Lot
• Transaction Amount: $20,000,000
• Market: Miami
• Landlord: Anil Basegmez - Artifact Group; Gil Blutrich - Blutrich Holdings Inc
• Broker: Justin Neelis - Concord Summit Capital
• Loan Type: Refinance

The financing, aimed at providing flexibility for the long-term plans of the owners, contributes to the revitalization of downtown Miami's historic district. The property is noted to offer significant redevelopment potential, enhancing its value and appeal for future projects.