The Real Deal Miami

Lionheart Capital closes on Miami Heart Institute

By Alexander Britell | February 08, 2012 04:00PM

The Miami Heart Institute

Lionheart Capital has closed on the purchase of the Miami Heart Institute in Miami Beach.

Lionheart, which is led by Ophir Sternberg, was the buyer in the $120 million bulk purchase of the remaining inventory at 2700 North Ocean on Singer Island. That property subsequently became the Ritz-Carlton Residences Palm Beach in November 2010.

The seller was the Mount Sinai Medical Center, which bought the Heart Institute in 2000 for around $70 million.

Terms of the deal were not disclosed by either side; in 2011, the property had a market value of $68.19 million, according to the Miami-Dade County Property Appraiser.

Sternberg was not available for comment.

The 666,798-square-foot property, which was built in 1984, is located at 4701 North Meridian Avenue.

In October, an unnamed developer terminated a deal to purchase the Heart Institute after a preliminary agreement had reportedly been signed Aug. 16.

At the time, the developer put out a release that the deal fell through due to an inability to obtain financing.

While the idea of a residential project at the site was broached at the time of that near-purchase, it has encountered some opposition from local residents over the years.

It’s not clear what Lionheart’s plans are for the site.

Miami Beach Mayor Matti Herrera Bower, who has frequently engaged with the community on the issue of the site’s fate, was in a city commission meeting and was not available for comment.