RM Capital Arranges $30 Million Bridge Financing for 25 Bay Tower Condominium Development
New York, NY – RM Capital announced it has arranged $30,000,000 of first mortgage bridge financing on behalf of Miami Waterfront Ventures, an entity controlled by the OKO Group. The loan allowed the sponsor to acquire all of the residential condominium units in 25 Bay Tower, located at 175 SE 25th Street which is on Biscayne Bay just north of the Rickenbacker Causeway. Miami Waterfront Ventures paid $48 million in total to the 61 individual owners of 25 Bay Tower
RM Capital managed the complex closing of all 61 units. 55 of the units needed to close simultaneously in order for the Sponsor to dissolve the condominium association. After the collapse of the condominium association, the sponsor plans to demolish the building and develop a new 48-story luxury condominium tower with magnificent views of the bay.
“When we were first approached by our client regarding the financing, we knew this was going to be a difficult loan to close with so many individual parties involved. We quickly found a lender nimble enough to move quickly through the underwriting process, which allowed the sponsors to move forward with their goal of turning this site into one of Brickell’s most successful residential projects” RM Capital’s Romano Tio stated.
Co-Managing Directors of RM Capital, Romano Tio and Marc Sznajderman, and Director Steven Weiss executed the transaction, delivering multiple competitive bids, allowing the borrower to achieve its objective of locking in 2 years of interest only, non-recourse financing, for the closing on all of the units.
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 $5 billion.