Madison Realty Capital Provides $310M Construction Loan For Miami River Development

The recent closed transaction in Brickell, Miami involved a mixed-use property located at the NEQ of SW 7th Street & SW 3rd Avenue. The property spans across 6.2 acres and is considered a valuable asset in the market.

Summary of transation details

• Property Type: Mixed-Use
• Transaction Date: 11/02/2021
• Property Address: NEQ SW 7th Street & SW 3rd Avenue
• Market: Brickell, Miami
• Landlord: The Chetrit Group
• Lender: Madison Realty Capital - Josh Zegen
• Broker: Henry Bodek - Galaxy Capital
• Loan Amount: $310,000,000
• Loan Type: Construction Loan

Madison Realty Capital provided a substantial loan of $310,000,000 for the transaction. The loan will be utilized for the construction of Phase I of Miami River, which will feature a 54-story, 632-unit mixed-use tower. Additionally, the loan will also support Phase II, which consists of a two-building three-story development. This phase will encompass 24,000 square feet of commercial space, a publicly accessible esplanade, and a river walk along the Miami River, creating a connection between downtown Brickell and Jose Marti Park.