Weiss Group scores $21M loan for mixed-use project near MIA

The development will include 882 apartments as well as two hotels

Miami /
Apr.April 09, 2020 10:30 AM
Alitza Weiss, principal of Weiss Group of Companies and a rendering of Towers at Blue Lagoon

Alitza Weiss, principal of Weiss Group of Companies and a rendering of Towers at Blue Lagoon

UPDATED, April 15, 1:40 p.m.: Weiss Group of Companies scored $21.3 million in bridge financing to build a mixed-use, multifamily and hotel project at the Blue Lagoon office complex near Miami International Airport.

The financing will replace an existing bridge loan and fund predevelopment costs for the Kobi Karp-designed Towers at Blue Lagoon at 4865 Northwest 7th Street. The development will include 882 apartments, as well as two hotels, one with 247 rooms and another with 186 rooms, according to a Caroline Weiss, CEO of the Weiss Group of Companies.

Weiss Group secured the loan from a Canadian private lender, said David Eyzenberg, president of Eyzenberg & Co., a New York-based commercial real estate investment bank that recently opened an office in Miami. Robert Ginsberg, managing director of Eyzenberg & Co., structured and arranged the fixed-rate loan on behalf of the Weiss Group.

Phase one of the project will include a two-building, 368,000-square-foot, 428-unit multifamily development of studio, one-, two- and three-bedroom apartments, according to a press release.

Miami-based Weiss Group of Companies, led by Weiss, has owned the land since the 1970s. In March 2019, Weiss Group secured approval from the Miami commission to raise the development site’s maximum building height from eight to 16 stories.

The development will also feature parking, affordable, workforce and market-rate housing, as well as improved roads and pedestrian walkways, according to the release.

The Blue Lagoon office park is home to large corporations, including Burger King, FedEx and Airbus.

Correction: A previous version of this story had incorrect figures for the number of apartments, hotel rooms and the maximum building height. 


Related Articles

arrow_forward_ios
Waterford Corporate Centre at 5835 Blue Lagoon Drive (Getty)
Miami accounting firm pays $17M for Blue Lagoon office building
Miami accounting firm pays $17M for Blue Lagoon office building
Adeena Weiss Ortiz and map view of 4865 Northwest 7th Street in Miami (WeissOrtiz Law, Google Maps)
Miami-Dade judge sides with Caroline Weiss in property dispute with daughter
Miami-Dade judge sides with Caroline Weiss in property dispute with daughter
Adeena Weiss Ortiz and map view of 4865 Northwest 7th Street in Miami (WeissOrtiz Law, Google Maps)
Caroline Weiss locked in legal conflict with daughter over $21M loan tied to massive Blue Lagoon development
Caroline Weiss locked in legal conflict with daughter over $21M loan tied to massive Blue Lagoon development
Valoro Capital's Alberto Chocron and Francisco Cantor with 5040 Northwest 7th Street (Valoro Capital, Loopnet)
Miami investor pays $18M for Miami office building
Miami investor pays $18M for Miami office building
Four Seasons Hotel Miami at 1435 Brickell Avenue (Credit: Averette/Wikipedia)
Four Seasons Hotel Miami, DoubleTree near MIA lay off hundreds
Four Seasons Hotel Miami, DoubleTree near MIA lay off hundreds
5900 Northwest 176th Street (Credit: Google Maps)
Mac Papers inks deal, sells warehouse near MIA for $15M
Mac Papers inks deal, sells warehouse near MIA for $15M
2001-2005 West Cypress Creek Road, Alex D. Zylberglait
Office complex near Fort Lauderdale airport sells for $7M
Office complex near Fort Lauderdale airport sells for $7M
6205 Blue Lagoon Drive and Ivy Realty Co-CEO Russell Warren (Credit: Google Maps)
Ivy Realty sells Blue Lagoon office building for $30M
Ivy Realty sells Blue Lagoon office building for $30M
arrow_forward_ios

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

Loading...