S3 Capital Supplies $20M for Boutique Miami Beach Condo

Trinity Southern has closed on the purchase of a development site and nabbed a $19.5 million construction loan for a boutique condo development on the waterfront in Miami Beach, property records show.

S3 Capital provided the financing for the eight-story development, called Twenty Nine Indian Creek, at 2901 Indian Creek Drive in the Mid-Beach neighborhood, near the Miami Beach Edition hotel. 

In tandem with the financing, the New York-based developer broke ground and purchased the 15,000-square-foot site for $8 million from another New York-based firm, JMH Development, which had initially proposed the condo development. 

Twenty Nine Indian Creek will house 16 units, totaling 24,842 square feet of sellable space, and a parking garage, according to a filing to Miami-Dade County. So far, 10 units have sold, Dana Lozito, who leads Trinity Southern, told Commercial Observer. 

Luxury condo developments in Miami Beach, and South Florida more broadly, remain attractive to lenders.

Just this week, a Terra-led partnership has secured a $507 million construction loan for a condo tower in South Beach. In an unusual move, the financing from Tyko Capital came even before the sponsors had launched sales. Typically, developments need to hit certain sales benchmarks before securing funding. 

Last year, Mast Capital and Starwood Capital Group landed $390 million in construction debt for a OMA-designed project in Mid-Beach.

Julia Echikson can be reached at jechikson@commercialobserver.com.