The Real Deal Miami

North Bay Road property sells for $10.2M

Buyer of waterfront parcel managed by Miami homebuilder

April 28, 2014 11:15AM
By Eric Kalis

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2374 North Bay Road

2374 North Bay Road

A waterfront residential property on Miami Beach’s exclusive North Bay Road sold for about $10.2 million, The Real Deal has learned.

Loma Blanca, a company registered in the Bahamas, closed the sale of the 2374 North Bay Road parcel on April 21, according to Miami-Dade County records. The deed identifies Josh Bennett as Loma’s attorney in fact. The 30,000-square-foot property last traded for nearly $1.3 million in 1999.

The buyer is 2374 North Bay Road LLP, a company registered in Delaware with a London mailing address. It received a $3.8 million loan from Stonegate Bank for the purchase.

Miami homebuilder Bart Reines is identified in mortgage documents as manager of 2374 North Bay Road GP LLC, a general partner of the buying company. Reines includes the property in a list of “recent projects” on his construction firm’s website.

The 2374 North Bay Road price nearly matches the $10.5 million sale of a seven-bedroom home at 4750 North Bay Road on March 31. Sergio Rok, one of Miami’s largest property owners, also completed an expensive North Bay Road sale last month. A Rok-managed company sold a mansion at 2068 North Bay Road for $20.5 million on March 18.

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