Remy Jacobson nabs loan for Miami Design District project

Miami /
May.May 23, 2019 01:30 PM
Rendering of 4141 North Miami Avenue and Remy Jacobson

Rendering of 4141 North Miami Avenue and Remy Jacobson

Developer Remy Jacobson closed on a nearly $12 million loan to redevelop a property in the Design District.

Centennial Bank is providing the $11.93 million loan for interior and exterior renovation of the historic building at 4141 North Miami Avenue. J.C. de Ona and Yuleisy Montalvo of Centennial represented the bank and Aztec Group was the mortgage broker.

Jacobson’s 4141 Design LLC paid $10.5 million for the 15,900-square-foot, three-story commercial building in 2016 and received historic designation from the city of Miami shortly after that. In 2017, the Miami Historic and Environmental Preservation Board approved plans to renovate the mid-century modern office building with glass panels, a rooftop terrace and more.

The two-year loan will become a mini-permanent commercial mortgage, Montalvo said. Construction is expected within 45 days and will take between a year and 15 months to be completed.

The first floor of the building will have about 6,100 square feet of retail space, which could be used for a restaurant, art gallery or store; and the second and third floors will have about 4,400 square feet of office space, each. Jacobson is also planning a roughly 4,000-square-foot rooftop event space. Shulman & Associates Architects is the architect.

Jacobson is negotiating with a tenant for the ground floor space at more than $100 per square foot. The second floor is leased to Bunker Capital, a blockchain consulting and advisory firm, for $68 per square foot, he said. Jacobson plans to list the property for sale once it is completed and stabilized.

The building was built in 1961 on a 9,700-square-foot lot.

Jacobson and his brother, Marc-Jean, recently launched a crowdfunding platform called RealT that allows cryptocurrency investors to invest in real estate assets, starting with rental homes in Detroit, Michigan. The company is expanding next to Cleveland, New Orleans and South Florida.

In South Florida, Jacobson heads the Aventura-based development firm J Cube Development. In November, he sold a development site in Wynwood to Quadrum Global for $8.55 million.


Related Articles

arrow_forward_ios
Tom Cabrerizo and 6790-6880 Southwest 80th Street (Google Maps)

Developers score $15M construction loan for Miami townhouse development

Developers score $15M construction loan for Miami townhouse development
Michael Wohl and a rendering of the project

Coral Rock lands construction loan on Hialeah project

Coral Rock lands construction loan on Hialeah project
Alan Ojeda and 8894 NW 44 Street in Sunrise (Google Maps)

Rilea Group scores $46M construction loan for Sunrise apartments

Rilea Group scores $46M construction loan for Sunrise apartments
David Martin, Jorge Perez, and One Park Grove (Credit: Robin Hill)

Terra and Related pay off $112M construction loan for Park Grove condo tower

Terra and Related pay off $112M construction loan for Park Grove condo tower
Masoud Shojaee and a rendering of Shoma Village 

Shoma Group scores $67M loan for mixed-use Hialeah project

Shoma Group scores $67M loan for mixed-use Hialeah project
Housing Trust Group CEO and president Matt Rieger and Hudson Village renderings

HTG scores financing for Hollywood affordable housing project

HTG scores financing for Hollywood affordable housing project
J.C. de Ona, Southeast Florida Division President of Centennial Bank, Amelia Mixed Use rendering

Prestige Companies nabs loan for mixed-use project in Hialeah

Prestige Companies nabs loan for mixed-use project in Hialeah
Al Patel, President of Baywood Hotels and 1101 Northwest 57th Avenue (Credit: Google Maps)

Baywood scores $31M loan to build hotel near Miami International Airport

Baywood scores $31M loan to build hotel near Miami International Airport
arrow_forward_ios

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

Loading...