Russell Galbut scores $34M loan for new Baptist Health facility
Developer Russell Galbut’s Crescent Heights closed on a $34 million loan for Baptist Health South Florida’s new facility on Alton Road.
Alton Road Development LLC, a Crescent Heights affiliate, will build a 122,000-square-foot project on the land at 709, 721, 725 and 745 Alton Road. The outpatient and medical complex will include an urgent care center, diagnostics, ambulatory surgery and physical therapy offices, 3,800 square feet of ground floor retail and 175 parking spaces.
In July, the Miami Beach Planning Board OK’d the project following objections from Mount Sinai Medical Center, the city’s largest medical provider. Baptist Health will lease the 45,000-square-foot property from Galbut.
The mortgage, filed in Miami-Dade County on Friday, shows PNC Bank is the lender. Galbut paid a combined $3.36 million for the land in 2014.
The project is one of several developments along Alton Road by Crescent Heights. Those include the Wave, located between 500-702 Alton Road and 501-651 West Avenue, which is expected to have 300,000 square feet of residential space and about 50,000 square feet of retail space at the entrance to South Beach.