Design Development Partners Refis Miami Design District Building With $45M
Celestial Fund arranges debt package for seven-story Design 41
By Julia Echikson February 13, 2024 2:56 pm
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Design Development Partners secured $45.3 million from Kawa Capital to refinance a mixed-use building in the Miami Design District, Commercial Observer has learned.
Called Design 41, the seven-story building features retail space on the ground floor and offices on the top floors, offering 47,500 square feet of leasable space. The property, located at 112 NE 41st Street, is between Northeast First Avenue and Paseo Ponti in the 18-block luxury open-air mall.
On the top floor, home appliance manufacturer BSH Group, which owns Bosch, Thermador and Gaggenau, operates an 8,038-square-foot showroom and office. On the ground floor, luxury watchmaker Breitling has a 1,832-square-foot store, alongside mattress maker Hastens Beds and perfume boutique Bond No. 9.
Design Development Partners, led by Benjamin Norton, enlisted famed Mexican architect Enrique Norten to design the 84,748-square-foot building, breaking ground in 2013.
But construction came to a stop later that year following a lawsuit over the project’s financing brought by developer and former partner Asi Cymbal. Norton completed construction in 2018 after securing a $28 million loan from BridgeInvest. In 2019, Pensam Funding provided a $30 million bridge loan to fund the lease-up.
Celestial Fund’s Eugene Rutenberg arranged the newly secured debt. A representative for Design Development Partners could not be reached for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Correction: The article was amended to reflect the correct loan amount.
