A $12 million bridge loan for an infill property in Downtown Miami was arranged by Concord Summit Capital, LLC, with the borrower being advised and the financing being sourced by Managing Director Justin Neelis and Associate Keegan Burger of Concord Summit’s Miami office. The loan will be utilized by Bluetrich Holdings, Inc (BHI), the sponsor, to refinance the existing mortgage and acquire pre-development funds to pursue their vision for the property, a 0.55-acre parking lot procured in 2021 for $18 million. The site at 130 SE 1st St. benefits from the highest density zoning allowed and offers a tremendous development opportunity, as BHI intends to construct 545 multifamily units in 2024. Miami’s Planning Department is presently examining a proposal for the 52-story tower.
“Despite banks pulling back considerably, there is still competitive financing available for experienced sponsors in good locations,” Neelis says. “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.”
Gil Blutrich, a renowned Israeli-Canadian real estate entrepreneur and philanthropist, established BHI in 2005 as a family office based in Toronto. With its strategic investments, BHI has acquired multiple development sites in prime locations across North America, including three sites in Miami.
Photo caption: Rendering of a 52-story residential tower to be developed by BHI in Downtown Miami.
