Madison Realty Capital lends $ 310 million for Chetrit Group mega-development in Miami River – Commercial Observer
The Chetrit Groupis long overdue Miami River project officially left for the races.
Capital Real Estate Madison (MRC) has just granted a loan of 310 million dollars to the promoter based in New York for the first two phases of the The 6.2-acre development, located in the Brickell neighborhood of Miami, has learned from Commercial Observer.
Galaxy Capital Group‘s Henri bodek arranged the loan, which is also secured by land for the third, fourth and fifth phases of the project. The Chetrit Group provided significant liquidity to the transaction, sources said.
“The Chetrit Group is a highly sophisticated and experienced owner and developer with significant experience in Miami and New York, and we are pleased to leverage our expertise in providing financing solutions at every phase of development and to be the lender of choice for the early phases of this world-class project, ”said Josh zegen, Managing Director and Co-Founder of Madison Realty Capital. “We look forward to continuing to identify creative opportunities to support the Chetrit Group’s Miami River development, which will strengthen the neighborhood’s growing living, work and play environment. Plus, we’re excited to be part of a project that is helping create affordable housing in Miami as well as further improvements in public spaces and transit that benefit the city as a whole.
Miami city approved plans for the mastodon project in October 2015, The real deal rreported, having previously assembled the site through several acquisitions for around $ 90 million. Kobi Karp is the architect behind the Billion dollar project design, according to Florida Yimby.
When complete, Miami River will span 2 1/2 blocks of the city, with loan funding from MRC Phase I, a 54-story, 632-unit mixed-use tower, and Phase II, a two-building structure. with 24,000 square feet of commercial space. The second phase will also see the development of a river promenade connecting downtown Brickell to José Marti Park along the Miami River.
Part of the proceeds of the fundraising will be donated to Miami-Dade County Affordable Housing Trust Fund – which serves to meet the housing needs of area residents – and are intended in particular for the East Little Havana area. The funds will also be used to improve Jose Marti Park and the Miami City Streetcar service.
MRC has been particularly active in terms of lending activity in the South Florida area. In the Brickell district in particular, it provided a loan of $ 105 million to Strong partners for the acquisition and modernization of Four Seasons Hotel in Miami in July.
Of the company’s attractiveness to the neighborhood, Zegen said, “Brickell has the highest concentration of international banks in the Southeastern United States, and as big companies move and open new offices in Miami, Brickell continues to experience rapid job growth and high demand for housing opportunities. ”
Chetrit Group officials could not be reached for comment. Galaxy Capital Partners officials declined to comment.