The Real Deal Miami

Moishe Mana boosts loan to $75M

Friday's mortgage was in the amount of $54M

July 14, 2015 05:30PM
By Katherine Kallergis

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48 to 76 East Flagler Street and Moishe Mana

48 to 76 East Flagler Street and Moishe Mana

Developer Moishe Mana took down $54 million on a $75 million facility for a handful of properties he owns in Wynwood and downtown Miami, according to a mortgage recorded in Miami-Dade County records on Friday. 

Mana’s companies, 48-76 East Flagler Realty, Megan Holdings and Mannigan Holdings, have so far borrowed the $54 million out of an approved $75 million loan facility. The loan covers the following properties:

  • 48 to 76 East Flagler Street, which Mana bought in January for $35 million.
  • 210 Northwest 22nd Terrace, which Mana purchased in December 2011 for $3.6 million.
  • 318 Northwest 23rd Street, Mana Wynwood. He acquired the 8.7-acre site in 2010, records show.

Mana has amassed properties on and around Flagler Street, as well as more than 30 acres in Wynwood. Most recently, he spent $32 million on the buildings at 26 Southeast First Street and 155 South Miami Avenue.

Last month, Miami-Dade’s Economic Development Committee backed a land swap-construction deal between the county and Mana. The deal gives his Mapton Holdings, a subsidiary of Mana Wynwood, 1.4 more acres. In exchange, Mana Wynwood will give the county 15,715 square feet of land valued at $3 million. Mana Wynwood will also build a $7.37 million, three-story, 45,912 square foot county facility with 29 indoor parking spaces.

Mana has yet to reveal his redevelopment plans for the area.