New York and Aventura-based Saber Real Estate Advisors bagged a $22.25 million construction loan for a new South Beach retail development.
Property records show FirstBank provided the financing to Saber 1800 LLC for the property at 1824 Alton Road. Saber, led by former Blackstone and Related Companies executive Michael Klinger, also broke ground on the five-story, 110,000-square-foot project.
Michaels Craft Stores is expected to occupy the entire second floor and a portion of the ground floor of the building. The site was previously a gas station, which Saber acquired in 2015 for $7.3 million.
The Miami Beach Design Review Board approved the new commercial project last year, which includes a 160-seat restaurant, 11,561 square feet of ground floor retail space, 15,400 square feet of second floor retail space and 130 parking spaces on two upper levels. Kobi Karp designed the building. Amicon Construction Services is the general contractor.
FirstBank’s Mahesh Pattabhiraman and Elsie Alvarez arranged the financing.
Developers have been targeting the strip of Alton Road near the intersection of Lincoln Road in recent months.
The project is near a property that just sold to Deco Capital Group and RWN Real Estate Partners. The joint venture paid $7.43 million for the building at 1671-1673 Alton Road, with plans to renovate and raise rents, and redevelop as a possibility in the future.