Newmark Arranges $111 Million Construction Financing For Multifamily Development In Miami
The project will include 2,500 square feet of ground-floor retail, 380 parking spaces and a mix of studio to three-bedroom residences.
The project will include 2,500 square feet of ground-floor retail, 380 parking spaces and a mix of studio to three-bedroom residences.
Newmark’s Co-Presidents of Global Debt & Structured Finance Jordan Roeschlaub and Jonathan Firestone, Vice Chairman Nick Scribani, and Director Chris Lozinak secured the financing from Barings.
The pair has executed successful flagship concepts for major brands throughout South Florida, including Supreme, Fendi, Alain Ducasse and Zara.
Gordon Messinger and Randy Carballo with CBRE represented the landlord in all lease negotiations.
The Plaza Coral Gables spans seven acres and features approximately 455,008 square feet of Class A office space across two towers.
After spending the past three years as a Managing Director with Newmark, he will focus on servicing local, national, and global office users across various industries including financial services firms, banks, and professional services firms, to plan and execute their corporate real estate strategies.
Newmark’s Matthew Williams, Daniel Matz, James Maynard, Kyle Schlitt and Robert Wright secured the bridge loan from Ladder Capital on behalf of buyer Safe Harbor Investments, LLC.
Newmark was the sole broker in the transaction, with Executive Managing Directors Steve Medwin and Nick Wigoda facilitating the sale.
This acquisition marks the firm’s second significant investment in Doral, following the recent groundbreaking of Bridge Point Doral, a project set to encompass over 2.6 million square feet of Class-A industrial space at full build out.
In addition to leasing and marketing the project on behalf of the landlord, Berger Commercial Realty facilitated the sale of the land to Bridge Industrial for development in 2019.
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