Benmark Capital Lends $15M on Edgewater Condo Project
By Cathy Cunningham June 8, 2023 9:27 am
reprints
SB Development Group and Hazelton Capital Group have landed $15 million in financing for their new condo development in Miami’s Edgewater neighborhood.
Benmark Capital provided the 12-month predevelopment loan for the project, which will comprise 450,452 square feet and include 116 units when completed. Despite bumpy market conditions, the loan closed in just 30 days, Benmark officials told Commercial Observer.
“We are proud to announce the closing of this transaction with the wonderful group of professionals at Benmark,” Hazelton Principal Adam Westreich said in prepared remarks. “They followed through with every promise they made on our initial call and were able to close this loan on time and with no major obstacles to overcome.”
The new development has been years in the making, and is now ready to be constructed on the three parcels amassed by the developers at 456 Northeast 29th Street, 496 Northeast 29th Street and 480 Northeast 29th Street in the coveted Edgewater neighborhood. Totaling 26,880 square feet, the assemblage sits close to Downtown Miami as well as Wynwood Arts District.
The New York-based developers aren’t alone in having big plans for the burgeoning area. Edgewater has attracted an influx of interest — and capital — from both condo and multifamily developers seeking to meet red-hot demand for top-tier residences over the past few years.
“We are pleased to provide SB Development Group with a customized financing solution, which closed in approximately 30 days,” Mark Simon, founder and CEO of Benmark Capital, said. Simon added that the debt fund is “well positioned to fill the void within the capital markets by providing flexible and bespoke financing solutions.”
“The collaboration between Benmark Capital and SB Development Group has been seamless, and we are excited to support their vision,” Joe Moser, director of originations and asset management at Benmark Capital, said. “This project embodies the spirit of innovation and quality that Edgewater represents, and we are proud to be a part of its success.”
Last August, Benmark Capital also showcased its speed of execution, providing a $40 million bridge loan to Olympia Heights Management for its Opus Place development in Atlanta, closing in just 25 days.
“It was a real pleasure working with the Benmark team,” Joe Stern, a principal of SB Development, said of the Edgewater deal. “They understand our business and worked expeditiously to close this loan.”
Cathy Cunningham can be reached at ccunningham@commercialobserver.com
