City National Bank Originates $60M Loan for South Beach Mixed-Use Development
Deco Capital and RWN Real Estate Partners have landed $60 million in financing for the construction of a mixed-use development in Miami’s South Beach, Commercial Observer has learned.
“We’ve seen significant interest from some of the most desirable and prosperous buyers and tenants in the country, who are looking at Eighteen Sunset from both a residential perspective and as a ‘live-work’ opportunity in the heart of one of South Florida’s most desirable districts,” said Bradley Colmer, founder of Deco Capital Group.
The loan was provided by City National Bank, with Newmark‘s Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, Daniel Matz and Dan Morin arranging the debt.
“The unique real estate offers the Miami Beach lifestyle with direct connectivity to Downtown Miami, not to mention cutting edge design” Stolly commented in a statement.
Roeschlaub added, “Miami Beach has been starved of office product of this nature and Deco and RWN will now have highly accretive financing in place to deliver on this bespoke product.”
Located at 1752 Bay Road, Eighteen Sunset is a five-story development comprising approximately 40,000 square feet of office space, 17,000 square feet of retail space and a residential penthouse that will feature 15,000 square feet of outdoor space. Once completed, the asset will provide 250 feet of prime frontage on the waterfront in Miami Beach.
Led by Bradley Colmer, Deco Capital assembled the premier development site through a series of all-cash acquisitions between 2014 and 2018.
RWN and City National Bank officials did not immediately respond to requests for comment.
Emily Fu can be reached at: efu@commercialobserver.com
