Concord Summit Capital Closes $20 Million Loan for Miami Parking Garage

 

 Justin Neelis

MIAMI, FL (April 18, 2024) – Concord Summit Capital, LLC (“Concord Summit”) arranged $20 million in senior financing to refinance the Bayfront Parking Garage, an operating 6-story parking garage with 753 spaces located at 255 NE 1^st Street, Miami, FL 33131.

 

Concord Summit’s Managing Director Justin Neelis from the firm’s Miami office sourced the loan on behalf of the owners, Artifact Group and Blutrich Holdings Inc. (“Owner”). This is the second loan Concord has closed with Blutrich Holdings Inc.

 

The Owner acquired the property in 2021 with the plan to operate and potentially redevelop it. The property consists of 0.86 acres with T6-80-0 zoning allowing a tremendous development opportunity for up to 800 residential units and 120 hotel rooms.

 

Gil Blutrich

Gil Blutrich, Chairman of Blutrich Holdings Inc. stated, “Justin and his team consistently showcase their deep expertise and strong connections in pre-development and construction financing.

 

"My family office is delighted to work with Concord Summit and to be involved in the revitalization of downtown Miami’s historic district. 

"With Blutrich Holdings overseeing the development sites for over 1,400 residential units, we are excited about the transformative impact on the area.”

Anil Basegmez

Anil Basegmez, managing partner of Artifact Group stated, “This is a long-term-hold asset for our partnership. This financing allows us the flexibility and timeframe that we want to plan out the best path forward. We are strong believers in Miami Downtown’s future and look forward to what’s next.”

 

 “It was a pleasure working with Artifact Group and Blutrich again,” Neelis said. “This is another example of how our team can bring together sponsors with attractive financing in a tumultuous time in the capital markets.” 

 

CONTACT:

Todd Templin

Executive Vice President

BoardroomPR

O 954-370-8999

C 954-290-0810

ttemplin@boardroompr.com

 

www.concordsummit.com

https://www.artifactgroup.com/.

 

iBorrow provides acquisition financing for 59,242-SF industrial building in Tampa, FL

 

Brian Good

TAMPA, FL – iBorrow, a nationwide private direct lender for commercial real estate, has announced the closing of a bridge loan to facilitate the acquisition of a 59,242 square-foot, 100%-leased industrial building in Tampa, Florida.

iBorrow provided the 70% loan-to-value financing on behalf of the Sponsor, Reich Brothers, an owner and operator of more than 15 million square feet of industrial properties throughout the country, according to Brian Good, CEO at iBorrow.

“We’ve successfully partnered with the Sponsor previously and were drawn to a superior business plan enhanced by their experience in owning and managing industrial properties,” says Good.

 “While demand for industrial property and rent growth has slowed in some markets in the uncertain climate of the past couple years, Tampa is continuing to see incredible momentum, with a 22.1% year-over-year increase in industrial asking rates in Q4 2023, according to a recent Avison Young report.”

Good adds that a key component of the Sponsor’s strategy was leveraging an existing relationship with the building’s tenant.

“The tenant, who had an in-place lease at well-below market rate set to expire in April 2025, occupies another asset in the Sponsor’s portfolio,” explains Good.

“Based on the strength of the infill location and working relationship, the Sponsor and tenant were able to negotiate a lease extension while under contract that was executed at acquisition. This is a win-win in which the tenant can stay at the property under trusted ownership, while the Sponsor sees a significant increase in rental income.”

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The $5.55 million non-recourse loan is priced at a floating rate of SOFR plus 555 basis points. The term is 24 months plus one 12-month extension option, with interest-only amortization.

  

CONTACT:

Samantha Chagollan/Elisabeth Manville

The Smart Agency, Inc.

(949) 438-6262
schagollan@thesmartagency.com