Brendan Aloysius Barry (pictured) and Philip C. Rosen, partners at Shutts & Bowen in Fort Lauderdale, spearheaded a group of lawyers supporting Metropolitan Commercial Bank. The team was responsible for overseeing the closure of a $30 million loan that would be used to acquire land and pre-develop a new luxury condominium located on the 1.6-acre Midtown Gateway site. The financing was secured for acquiring a 1.6-acre vacant platted lot in the Midtown Miami East Special District.
“Here at Metropolitan Commercial Bank, we lend to best-in-class sponsors who are battle and time-tested experts in their asset class,” Manuel Vidal says, Florida Market Manager for Metropolitan Commercial Bank. “We help them create and sustain generational wealth by understanding exactly how they create value, and by structuring our transactions to maximize this value creation. Terra has been on the front lines of reinvigorating some of the city’s most desirable neighborhoods for more than a decade now. We saw a great opportunity to help the firm acquire the last remaining undeveloped parcel in the Midtown Miami PUD. We are proud to add David Martin and Michael Simkins to our Florida sponsor roster.”
The property is between NE 36th St., the FEC Railway Corridor, NE 35th St., and NE 1st Ave., and is known as the “Gateway to the Design District.” The mixed-use project, subject to final approvals, has a maximum entitlement of 607,657 sq. ft. and could feature up to 400 residential units with a potential maximum height of 48 stories. The developers, Terra and Lion Development Group, are expected to begin construction next year.
“We are pleased to assist Metropolitan Commercial Bank in structuring and closing this transaction, which will help realize the Developer’s targeted growth strategy in South Florida,” Barry says, a member of Shutts’ Real Estate Practice Group. “The transaction represents an important step in the further development and maturation of the Midtown neighborhood and highlights Metropolitan Commercial Banks’ commitment to South Florida.”
Barry and Rosen were assisted on the deal by Ed Stacker and Jacob Leuze.