Berkadia Arranges $328M Construction Loan For Baccarat Residences Miami
The property, which launched in late 2021 and is now more than 95-percent sold, is currently under construction and is expected to complete in early 2028.
The property, which launched in late 2021 and is now more than 95-percent sold, is currently under construction and is expected to complete in early 2028.
Roberto Pesant, Jaret Turkell, Yoav Yuhjtman, Jose Mota, and Omar Morales of Berkadia South Florida led the $24.6 million sale on behalf of the seller. Mitch Sinberg, Brad Williamson, Matt Robbins and Scott Wadler secured $14.76 million in acquisition financing through a bank on behalf of the buyer.
Managing Directors Michael Weinberg and Scott Wadler of Berkadia South Florida orchestrated the financing on behalf of Driftwood Capital, a prominent hospitality sponsor headquartered in Miami.
“This asset is a unique rental loft unlike any other rental property, with high ceilings and an open layout, and excellent Opportunity Zone location,” said Williamson. “Berkadia was able to structure fixed-rate debt with full-term interest-only to mirror the sponsor’s business plan. The Forge Lofts are a great addition to this growing neighborhood.”
Berkadia Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, Senior Managing Director Mitch Sinberg, and Vice President Michael Basinski of Berkadia South Florida arranged the loan on behalf of the Miami-based sponsors.
The project will consist of approximately 509 luxury rental apartments, 275,000 square feet of Class A office space, 25,000 square feet of ground-floor retail space, a 20,000-square-foot open-air retail plaza, and a parking garage.
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