News & Press
Developer Plans Boutique Condo Hotel Resort in South Beach's Hip SoFi District
Miami Beach Fl.
-- A locally based developer has acquired two contiguous sites in the SoFi neighborhood of South Beach and will transform them into a boutique hotel condominium complex. The properties are currently two vacant three-story buildings. The unnamed borrower intends to immediately convert the building.
The nationally based Multi Capital arranged and closed a 12 month bridge loan for $4.2 million in connection with their client's purchase of "The Madison" 304-312 Ocean Drive, Miami Beach Florida.
Robert Meyler of Multi Capitals' Florida office confirmed that Multi has arranged for a $4,200,000 bridge loan on behalf of the developer. The transaction is the first of multiple parcels that will be developed into a boutique condo hotel resort.
"At this time we would prefer to keep the information confidential" commented Robert. "You will find out as soon as the developer announces his plans, I can say that the project will be one of a kind", he said. "The developer has a proven track record of successfully developing and repositioning properties in numerous markets. The client has extensive experience with all aspects of multifamily real estate including construction, rehabilitation, and residential condominium conversions."
Multi Capital (www.Multi-Capital.com) has been highly active in Debt, Mezzanine and Equity capital for hotel condo, and condominium developments in South Florida.
South Beach is one of the hottest condo markets in the nation and developers have been heavily relying on Multi Capital to structure senior, mezzanine and equity capital for their development projects. Multi Capital excels in placing this type of capital and has completed a number of condo transactions in South Beach as well as Miami as a whole.
About Multi Capital LLC
Multi Capital, Inc. (www.Multi-Capital.com) is a nationwide finance company specializing in the full spectrum of real estate financing. Multi Capital is known for its expertise in arranging Senior Debt, Mezzanine, and Equity for Development Deals. With its financing experts originating from the real estate development arena, Multi has the expertise needed to syndicate these transactions.
Multi Capital provides a service that is unmatched in efficiency, speed, and thoroughness. Multi currently has over $600,000,000 in development deals in the pipeline.