Concord Summit Capital Brokers $12 Million Loan for Downtown Miami Development Site

The borrower plans to build a 52-story residential tower with 545 units on a half-acre parcel.

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.

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Drew Limsky

Drew Limsky



Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.