TODAY’S DEALS: Cohen Financial Secures $167.6M Construction Loan for Miami Development
Cohen Financial secures a $167.6 million construction loan for Muse in Sunny Isles located at 17141 Collins Avenue; and Meridian Capital arranges $32 million for two mixed-use properties in New York.
Miami—Cohen Financial announced that it has secured a $167.6 million construction loan for Muse in Sunny Isles located at 17141 Collins Avenue. Development of the high-end property is scheduled for the first quarter of 2015 with a projected completion date of summer 2017.
Kevin O’Grady and Daniel Sheehan, both senior managing directors, and Eric McGlynn, director of Cohen Financial’s Equity Practice, secured the loan with Delaware Life Holdings, a life insurance company owned by shareholders of Guggenheim Partners, the global investment and advisory firm. The developers of Muse are Property Markets Group (PMG) and S2 Development. The loan closed on September 18, 2014.
“We are very pleased to have arranged this loan on behalf of PMG,” said O’Grady. “PMG is an extremely sophisticated and experienced developer, and Muse is very much a reflection of that expertise. Muse is already demonstrating success in sales, and we can’t wait to see what it looks like when completed. We are also pleased to further the construction lending program we have structured with Delaware Life Holdings.”
Muse features 60 feet of ocean frontage, unobstructed views and a variety of spacious floor plans from two to five bedrooms starting at 2,360 square feet. In addition, Muse will consist of two full-floor penthouse units with five bedrooms, four and a half baths, a den and a service suite totaling more than 5,800 square feet.
Meridian arranges $32M for two mixed-use properties in New York
New York– Meridian Capital Group LLC negotiated two new mortgages totaling $32 million to refinance two mixed-use properties located on Third Avenue and Broadway in New York, on behalf of a New York-based multi-generational real estate family.
The 10-year financing package includes an $18 million mortgage on 325 Third Avenue that features a fixed-rate of 3.13 percent and a $14 million mortgage on 3800 Broadway that features a fixed-rate of 3.25 percent. Both loans have interest rate step ups later in their terms. These transactions were negotiated by Meridian Capital Group Senior Vice President David Hayum, who is based in the company’s New York City headquarters.
These six-story properties, totaling 79 units and 10,250 square feet of retail space, house an assortment of retailers including Radio Shack.
“Meridian competed heavily for these loans and won the deals by structuring highly favorable terms including low initial interest rates and flexible prepayment penalties,” said Hayum. “This allows our client to take advantage of the current short-term interest rate environment and limits their long-term risk,” he added.
