Berkadia Secures $43.5M Loan To Refinance Dacra’s Miami Design District Property
Managing Director Scott Wadler, Senior Director Matthew Nihan and Senior Analyst Michael Basinski of Berkadia Miami secured the financing.
Managing Director Scott Wadler, Senior Director Matthew Nihan and Senior Analyst Michael Basinski of Berkadia Miami secured the financing.
The project will provide 320K SF of Class-A office space and 80K SF of functional outdoor space. It will stretch over a 2-acre block between Northeast 42nd and 43rd streets and between Northeast Second and Fourth avenues.
The project will accept cryptocurrency as an option for lease payments.
The new sale marks the third time the brokers sold the same corner over a 10-year period.
The site includes an existing 3,224-square-foot retail building and is zoned for development of up to 20 stories.
Located at 3601 North Miami Avenue in Miami, the site sits at the gateway of three of Miami’s three most dynamic, high-growth districts: Miami Design District, Midtown Miami, and Wynwood.
The 7,904-square-foot building last sold for $2.5 million in 2006. CLICK ON THE HEADLINE FOR MORE
The deal, which closed July 22, delivers a monster profit to investor Russell Atlas, who bought the lots for a combined $1.9 million in the early 2000s and redeveloped the properties. CLICK ON THE HEADLINE FOR MORE
The deals mark the highest price per square foot for commercial property in Little Havana and Miami’s Design District, according to a release. CLICK ON THE HEADLINE FOR MORE
“We repositioned the building with great tenants, with two-and-a-half years of great rental history,” he said, “and created a gem.” CLICK ON THE HEADLINE FOR MORE
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