Concord Summit Capital Closes $12 Million Loan for 52-story residential tower Downtown Miami Development Site

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.

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 1^st 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.

Keegan Burger

“Despite banks pulling back considerably, there is still competitive financing available for experienced sponsors in good locations," Neelis said. 

"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.”

          Downtown Miami, FL Business District

Toronto-based BHI is a family office founded in 2005 by Gil Blutrich, an Israeli-Canadian real estate entrepreneur and philanthropist. BHI currently owns several development sites in prime locations throughout North America, including three sites in Miami.

 Media Contact for CSC:

 Todd Templin

 Executive Vice President

BoardroomPR

ttemplin@boardroompr.com

O 954-370-8999

C 954-290-0810

www.ConcordSummit.com