Saber Real Estate Advisors nabs $22M construction loan for South Beach retail project

Miami /
Apr.April 04, 2017 03:30 PM

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.


Related Articles

arrow_forward_ios
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Donald Trump and Grant Cardone (Cardone Enterprises)
Presidential surprise: Donald Trump kicks-off Grant Cardone’s 10X Growth Conference
Presidential surprise: Donald Trump kicks-off Grant Cardone’s 10X Growth Conference
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
New York, Miami, Chicago, Los Angeles, San Francisco and Chicago (iStock)
As rent explodes nationally, Miami tops the charts
As rent explodes nationally, Miami tops the charts
Alta Developers’ Raimundo Onetto in front of the development site (Google Maps)
Heading south: Alta buys dev site for apartment complex near Homestead
Heading south: Alta buys dev site for apartment complex near Homestead
Grant Cardone and a rendering of LAs Olas Walk (Cardone Capital, ZOM/McNeal Realty)
Grant Cardone to buy $750M in SoFla apartments
Grant Cardone to buy $750M in SoFla apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...