RM Capital Arranges $19.5 Million Bridge Financing in Hot Miami Market
RM Capital has announced it has arranged a $19.5 million bridge loan for a bay front development site in the highly desirable Edgewater section of Miami. The land was assembled on an all cash basis from multiple individual sellers. The developer has plans to build a 755,000 sellable SF luxury condominium tower consisting of 374 units with an average unit size of 2,020 sellable SF.
Co-Managing Directors of RM Capital, Romano Tio and Marc Sznajderman, and Director Steven Weiss executed the transaction on behalf of the partnership by delivering multiple competitive bids which allowed the borrower to achieve its objective of financing the waterfront assemblage in a section of Miami where land prices have soared.
Edgewater is one of Miami’s most rapidly emerging neighborhoods due to its close proximity to Midtown, The Design District and its waterfront properties on Biscayne Bay. The “East Edgewater” area east of Biscayne Boulevard is the most active development area within the submarket with several projects already under construction. The waterfront projects in East Edgewater are commanding the highest prices PSF and achieving some of the strongest absorption of pre-sale units in all of Miami.
“We are tremendously pleased with the execution on this deal. At first lenders were reluctant to increase leverage due to rapidly increasing land prices. We were able to bring some rationality to the process by highlighting the continued strength in Miami’s real estate market” RM Capital’s Co-Managing Director Romano Tio stated.
RM Capital is a private real estate investment banking and merchant banking firm based in New York. The principals have extensive and diverse backgrounds including hedge fund, advisory and principal investment experience, and have acted as a principal or agent on transactions with a combined value of over $6 billion.