RAM Buys Second Little Havana Rental for $31M

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Rental Asset Management (RAM) is expanding its Little Havana fiefdom, paying $31.1 million for a nearly finished residential tower next door to a similar building it bought earlier this year, property records show.

The 14-story property, located at 590 W Flagler Street, two blocks west of the Miami River, will feature 96 units. Construction began in July 2021 and has not yet ended, but the building has secured a temporary certificate of occupancy and preleasing is underway, RAM’s Eby Gallego told Commercial Observer.

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The seller, Eastern Atlantic Land Development, bought the 14,366-square-foot site for nearly $2 million in 2019, then secured a $17.8 million construction loan from Churchill Funding two years later, according to property records. A representative for the company could not be reached for comment. 

RAM now owns a stake in the building and will manage it, Gallego said. Amerant Bank provided a $17.4 million loan for the acquisition. Berkadia’s Matt Robbins, Brad Williamson, Scott Wadler, Mitch Sinberg and Hugo Hernandez arranged the three-year, floating-rate loan with two years of interest only.

The sale comes only eight months after the Oakland Park-based investor bought the neighboring residential building for $30.1 million from the same seller. Completed in 2019, the 13-story property holds 100 units, which were leased in four months.

RAM owns and operates about 50 properties with over 3,000 units across Florida.

Julia Echikson can be reached at jechikson@commercialobserver.com