Eastern Union and Benmark Capital have closed on two Miami Beach parcels, with ambitions to construction a 90,000-square-foot, mixed-use development featuring retail, residential and Class-A office space. The new development will include a total of two adjacent five-story structures standing on the two parcels.
The team paid $15 million for the parcels, one of which includes a CVS store and the other an at-grade parking lot. They landed an $11.8 million acquisition loan for the purchase of 7410 Collins Avenue and 7400 Harding Avenue, two parcels located directly opposite the forthcoming Ocean Terrace development (shown) in Miami Beach, FL.
Benmark Capital provided the loan. The borrowing team, all based in New York, consists of Abraham Bergman from Eastern Union, and Charles Hoffman of Opal Realty NY, who together partnered with The Scharf Group.
Construction is scheduled to commence next July.
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