Marcus & Millichap Facilitates $15.1 Million Sale Of Major Development Site iIn Miami’s Edgewater District
The site spans six parcels and is one of the last remaining sites of this size allowing for large-scale development in the Edgewater area.
The site spans six parcels and is one of the last remaining sites of this size allowing for large-scale development in the Edgewater area.
Alta Development is developing River District 14 on a 1.3-acre site at 1420 NW 14th Ave., near the Miami River. Construction is expected to begin before the end of the year.
The new 28-story residential tower will add 475 market-rate apartments to the MidRiver District.
The property includes 45,770 square feet of office space, 11,255 square feet of ground-floor retail, and a 40,000 square-foot parking garage, all contributing to a steady income.
Managing Director Scott Wadler and Vice President Michael Basinski of Berkadia Miami, secured a $36.08 million loan on behalf of the developer, Fortune International Group.
In their new roles, they will primarily focus on debt and equity advisory across various property types, reinforcing the team’s expertise and regional presence.
Financing for the development includes a $32.2 million tax credit equity from Bank of America; a $9.1 million conventional first mortgage loan from Berkadia/Freddie Mac; a subordinate $6 million Surtax loan from Miami-Dade County; and the balance with developer equity.
Oak Row Equities purchased the $38.5 million site off-market.
The property is currently over 90 percent sold.
The project will be situated on the 4.2-acre vacant lot at the corner of NW 53rd Street and NW 52nd Terrace.
CRE-sources, Inc. is committed to ensuring that individuals with disabilities can access all of the goods, services, facilities, privileges, advantages, and accommodations that we offer through our website.If you are having trouble accessing the website, please call us at 954.290.3866 for assistance.
