Design 41 secures $28M loan from BridgeInvest

Project has already secured a lease for a rooftop restaurant from the group that owns Juvia

Jun.June 21, 2018 09:45 AM

Bridge Invest’s Alex Horn and Renderings of Design 41 (Credit: Comras company and LICDN)

Benjamin Norton’s Design Development Partners recently scored a $28 million loan from BridgeInvest for Design 41 in Miami’s Design District.

The mixed-use project at 112 Northeast 41st Street has already completed construction and the developer is using the loan to put some “finishing touches” into the building, according to Alex Horn, ‎managing partner at ‎BridgeInvest. These include improvements to its common area, and are designed to better attract top retail tenants, he said.

Design 41 has 48,085 square feet of total space, of which about 30,000 square feet is office space and about 7,000 will be retail, Horn said. The retail will be at the bottom of the seven-story building and an 11,000-square foot restaurant will be at the top, from the same management company that owns Juvia, which serves Peruvian, Japanese and French food at its rooftop Lincoln Road location.

Design 41 was designed by Mexican architect Enrique Norten.  It broke ground in 2013, but was stalled due to lawsuits from the project’s former co-developer Asi Cymbal over the project’s financing.

BridgeInvest is a private real estate lender focused on short-term financing for commercial and residential assets throughout the Southeast, according to its website. The company recently closed on a speciality credit fund with $80 million in equity.

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