Urban Street Development Secures $20.5M In Refinancing For Delray Asset
The property is currently 100% occupied and has historically operated at full occupancy during Urban Street Development’s ownership.
The property is currently 100% occupied and has historically operated at full occupancy during Urban Street Development’s ownership.
Charles J. Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia Miami secured the financing on behalf of the sponsors, Neology Development Group and American Opportunity Zone Advisors (AOZA).
Senior Managing Directors Roberto Pesant and Jaret Turkell, along with Directors Omar Morales and Yoav Yuhjtman of Berkadia South Florida, led the transaction on behalf of the seller, MAG Real Estate & Development of Delray Beach.
Senior Director Yoav Yuhjtman, along with Senior Managing Directors Roberto Pesant and Jaret Turkell, and Associate Director Omar Morales of Berkadia South Florida led the transaction on behalf of the seller, New York-based real estate investment firm Axonic Properties.
The lender, a life insurance company, provided the five-year, fixed-rate loan with full-term interest only at an attractive interest rate.
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.
The acquisition marks Ciprés’ second major development project in South Florida and represents a significant expansion northward for the Miami-based company.
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.
Phase II will consist of 6,000 square feet of ground-floor retail space and 42,000 square feet of creative office space, slated for completion in Q2 2026.
Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Associate Director Shannon Wilson of Berkadia Miami secured the financing on behalf of the sponsor Neology Development, an award-winning, lifestyle-driven real estate firm led by Lissette Calderon.
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