The Real Deal Miami

Thor gets $26.6M loan for Design District purchase

Bank of the Ozarks provides financing for former Sam Herzberg portfolio
May 21, 2014 12:00PM

Rendering of 2-54 Northeast 40th Street (via   Thor Equities)

Rendering of 2-54 Northeast 40th Street (via Thor Equities)

Thor Equities received a $26.6 million loan for its most recent purchase in Miami’s Design District.

The New York investor obtained the financing from Dallas-based Bank of the Ozarks for its $45.4 million acquisition of Sam Herzberg’s portfolio in the district, according to Miami-Dade County records. The county recorded the transaction on Tuesday.

Thor has spent more than $76 million in four recent district investments, including last month’s $15.8 million purchase of the Baltus building. That building is contiguous to the properties Thor acquired from Herzberg.

The company already added the 2-54 Northeast 40th Street properties to its website. In its description of the portfolio, Thor says it plans to redevelop the existing buildings into “the most enviable luxury mixed-use property in the Design District.” — Eric Kalis