Miami, FL (PRWEB) June 7, 2005
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 Group arranged and closed a 12 month bridge loan for $4.2 million in connection with their client's purchase of ÂThe MadisonÂ 304-312 Ocean Drive, Miami Beach Florida.
Robert Meyler of Multi CapitalsÂ 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.
ÂAt this time we would prefer to keep the information confidentialÂ commented Robert. ÂYou will find out as soon as the developer announces his plans, I can say that the project will be one of a kindÂ, he said. ÂThe 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.Â
Multi Capital Group (http://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 Group 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.
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