Artifact Group, Blutrich Holdings Secure $20M Financing for Miami Parking Garage
By Nick Trombola April 18, 2024 1:28 pm
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A Downtown Miami parking garage could potentially be redeveloped into a hotel or multifamily building, and it just got some fresh financing to help developers plan the next steps.
The joint venture of Artifact Group and Blutrich Holdings secured $20 million in senior financing for the property at 255 NE First Street, dubbed Bayfront Parking Garage. Concord Summit Capital Managing Director Justin Neelis arranged the financing, which was provided by Miami-based Vertix Group.
Artifact (known as Sageblan Investments until early last year) purchased the 247,000-square-foot, six-story garage from Tel Aviv-based Mishorim Real Estate Investments for $25 million in 2021, with the intention of operating it but later reimagining it as a multifamily building or hotel. The property is zoned for up to 800 residential units and 120 hotel rooms.
Anil Basegmez, managing partner for Artifact, said in a statement that the “financing allows us the flexibility and time frame that we want to plan out the best path forward” for the site.
“My family office is delighted to work with Concord Summit and to be involved in the revitalization of Downtown Miami’s historic district,” Blutrich Chairman Gil Blutrich said in a statement. “With Blutrich Holdings overseeing the development sites for over 1,400 residential units, we are excited about the transformative impact on the area.”
Nick Trombola can be reached at ntrombola@commercialobserver.com.
