Eastern Union and Benmark Capital have closed on an $11.85 million acquisition loan for the purchase of 7410 Collins Ave. and 7400 Harding Ave., two contiguous, prime parcels located directly opposite the forthcoming Ocean Terrace development in Miami Beach, Fla.
Benmark Capital, which provided the loan, is a real estate debt fund firm based in Miami. The borrowing team, all based in New York, consists of Abraham Bergman, president of the commercial mortgage brokerage Eastern Union, and Charles Hoffman of Opal Realty NY, who together partnered with The Scharf Group.
The borrowers have obtained full approval to construct a 90,000-square-foot, mixed-use development featuring retail, residential and Class-A office space on the sites. The new development will include a total of two adjacent five-story structures standing on the two parcels.
The two contiguous properties had originally been placed under contract approximately four years ago for $15.5 million. The Collins Avenue structure, designated as a historic site, presently houses a one-story CVS drug store. The Harding Avenue land is vacant and serves as a parking lot for CVS customers. Construction is scheduled to commence next July.
“Working with Benmark was a pleasure,” said Mr. Bergman. “They were agile, accommodating and handled a complex transaction with precision and integrity. The fact that I served as both borrower and mortgage broker speaks volumes about the trust and professionalism that Benmark brings to every deal. They closed even better than promised.”
Bergman also acted as the mortgage broker on the transaction through Eastern Union.
“Benmark Capital is pleased to have provided the financing for this project on Collins Avenue in North Beach,” said Mark Simon, founder and CEO of Benmark Capital. “This transaction aligns with Benmark’s strategy of financing well-located, high-quality projects in supply-constrained markets. North Beach is undergoing a dynamic transformation, and we’re proud to support experienced sponsors who are helping shape the next chapter of Miami Beach’s growth.”
The Collins Avenue building is designed in art deco style, and the redeveloped edifice will retain its historic character.
