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| Gil Blutrich |
MIAMI, FL, June 6, 2023 -- Concord Summit Capital, LLC (“Concord Summit”) arranged a $12 million bridge loan for an infill property in Downtown Miami. Managing Director Justin Neelis and Associate Keegan Burger of Concord Summit’s Miami office advised the borrower and sourced the financing.
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| Justin Neelis |
The loan will be used to refinance the existing
mortgage and provide predevelopment funds for the sponsor, Bluetrich Holdings,
Inc (BHI), to execute its vision for the property, a 0.55-acre parking lot
acquired in 2021 for $18 million.
Benefiting from the highest density zoning allowed, the site at 130 SE 1st Street
presents a tremendous development opportunity, as BHI plans to develop 545
multifamily units in 2024. Miami’s Planning Department is currently reviewing a
proposal for the 52-story tower.
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| Keegan Burger |
"The lender did a remarkable job closing this
loan in a short amount of time and under the original terms agreed upon. The
sponsor has a phenomenal piece of land in the heart of Downtown Miami that is
well-positioned to develop.”
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| Downtown Miami, FL Business District |
Media Contact for CSC:
Todd Templin
Executive
Vice President
BoardroomPR
O 954-370-8999
C 954-290-0810
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