Beitel Group Lands $41M Acquisition Loan for Miami Development Site
A joint venture between Beitel Group and Aimco has landed $40.9 million of acquisition financing for a development site in Miami’s Edgewater area, Commercial Observer has learned.
The plan is to erect a mixed-use project at the site.
Northwind Group supplied the loan with discretionary capital from its balance sheet. In addition to financing the $45 million purchase of the site at 3333 Biscayne Boulevard, the debt package also includes a flexible future funding facility that allows for acquiring air rights from nearby properties to increase the residential density.
Meridian Capital Group arranged the transaction with a team of Morris Betesh, Ronnie Levine and Jack McPhail.
“The trend of capital moving into South Florida is continuing and we quickly identified a New York City-based lender who was keen on increasing their exposure in Miami,” Betesh said in a statement. “Northwind moved quickly and confidently to secure the deal for these institutional caliber borrowers.”
The property consists of 12 different tax parcels equating to roughly 1.5 million developable square feet. Beitel Group and Aimco are planning to build a mixed-use development with over 600 units of apartments, Class A office space, retail and parking.
Julien Darmon, director of acquisitions at Beitel Group, said there is plenty of positive momentum around where the project will be built in the Edgewater neighborhood including a new park and a bayfront promenade with docks
“It’s an exciting transformation that is happening and it is going to be very vibrant,” Darmon said. “It is going to be a nice place to live and work.”
Officials for Northwind Group did not immediately return a request for comment.
Andrew Coen can be reached at email@example.com.