Abraham Bergman, Opal Realty NY, and The Scharf Group have acquired a development site in Miami Beach’s North Beach neighborhood for $15.5 million. The joint venture purchased two parcels located at 7410 Collins Avenue and 7400 Harding Avenue, according to a press release.
The acquisition was financed with an $11.9 million loan from Benmark Capital, led by CEO Mark Simon. Eastern Union, based in New York and led by Bergman, brokered the mortgage deal. “Because of our ability to close quickly, Abe [Bergman] went with us,” Simon said. “Traditional banks are taking much longer to execute transactions like this. It’s a great location. North Beach is undergoing a crazy transformation.”
Records show that the seller, an affiliate of Calvin Gaeta Development Company from Royal Oak, Michigan, originally paid $855,000 for the two parcels in 1986.
Plans for the site include constructing two five-story buildings totaling 90,000 square feet. These will feature 12,000 square feet of ground-floor retail space and 40,000 square feet of offices. The project also involves restoring and incorporating a historic retail building at 7410 Collins Avenue that is currently leased to CVS.
A spokesperson for the partnership stated that residential units are also planned but it has not yet been decided whether these will be for sale or rent.
The developers expect to break ground on the project next year.
Opal Realty NY was founded in 2012 and manages $4 billion in commercial real estate assets. The Scharf Group is a family office established in 1946.
Benmark Capital has previously provided financing for other projects in the area, including $13.6 million for La Baia North’s second phase developed by Continuum Company.
North Beach continues to see new development activity. Lefferts is planning four condominium projects in the neighborhood and recently began closings at 72 Park—a 22-story tower with 206 short-term rental-friendly units—and is developing additional projects such as Palm Miami Beach Residences (126 units), 72 Carlyle (134 units), and another boutique condominium with 36 units.
Northlink Capital has also launched sales for its own short-term rental-friendly condominium at 7200 Collins Avenue—a planned 12-story building with 222 units.
