Chetrit scores $15M for Miami River $1B mixed-use project

Loan adds to previous $55M financing for long-planned 6-acre development

Miami /
Mar.March 22, 2021 02:45 PM
Joseph Chetrit and a rendering of the Miami River project (Getty)

Joseph Chetrit and a rendering of the Miami River project (Getty)

The Chetrit Group is pushing forward with its long-planned mixed-use Miami River mega-project, as it just scored a $15 million construction loan, bringing its total financing to $70 million.

Chetrit Group, through affiliate MC Miami River, secured the loan from MSD PCOF Partners XXXIV, an affiliate of MSD Partners, a mortgage record shows.

The loans adds to New York-based Chetrit Group’s financing for the project, after it secured a $55 million pre-development loan two years ago from New York-based real estate investor and developer Rabina Properties. Rabina re-assigned that loan to MSD Partners on March 15, the same day MSD issued the new $15 million mortgage, records show.

Chetrit Group bought out its project partner, New York-based JDS Development, led by Michael Stern, when it took out the pre-development loan in 2019.

Chetrit Group did not immediately return a request for comment.

The city of Miami approved Chetrit Group’s $1 billion project in October 2015. The plan is for a five-phase development that ultimately will deliver a 330-key hotel, 1,700 residential units, 266,000 square feet of retail and office, and more than 2,000 parking spaces.

It’s planned for 6.2 acres on the south side of the river, between I-95 to the east and Southwest Second Avenue to the west.

Chetrit Group, founded by Joseph Chetrit, assembled the development site in 2014 for about $90.7 million through multiple deals, according to deeds. Meyer Chetrit is president of Chetrit Group and signed for the latest mortgage.

The project’s slow movement led to controversy last year. Fortune International Group’s new development sales arm, which was under an exclusive sales and listing agreement to sell 318 condos, sued Chetrit Group in April. It alleged that although Fortune performed its duties under their agreement, Chetrit failed to act on its end of the bargain. Chetrit didn’t make progress on the development and stopped communicating with Fortune, according to the complaint, filed in Miami-Dade Circuit Court.

Chetrit’s attorneys submitted a three-page response to the breach-of-contract suit in November, denying the allegations.

Meanwhile, Chetrit’s Tides hotel on Miami Beach’s Ocean Drive is facing a foreclosure lawsuit by the lender, seeking $42 million in unpaid principal plus interest and other costs.






    Related Articles

    arrow_forward_ios
    Commercial Tower and East Sunrise Boulevard
    Lease roundup: Iberia Foods takes 78K sf space & more
    Lease roundup: Iberia Foods takes 78K sf space & more
    Marcos Achar (PPG, Compass)
    Mexican paint mogul pays $18M for Golden Beach home
    Mexican paint mogul pays $18M for Golden Beach home
    Terra’s David Martin and renderings of the project (Terra, iStock)
    Terra scores $65M loan for Northwest Miami-Dade project
    Terra scores $65M loan for Northwest Miami-Dade project
    South Florida resi construction starts take hit in February (Getty)
    South Florida resi construction starts take hit in February
    South Florida resi construction starts take hit in February
    An aerial of Bridge Point AVE with Bridge Development CEO Steve Poulos (courtesy of Bridge Point Development)
    Bridge Development scores $78M construction loan for Opa-locka industrial park
    Bridge Development scores $78M construction loan for Opa-locka industrial park
    Citywalk Apartments at 415 Northwest Ninth Street (Courtesy of The Porosoff Group)
    Multifamily complex in Overtown Opportunity Zone hits market for nearly $12M
    Multifamily complex in Overtown Opportunity Zone hits market for nearly $12M
    Mauro Libi and 7300 Northwest 35th Terrace (Mauro Libi/Wikipedia, Google Maps)
    Venezuelan food mogul nabs Miami warehouse for $8M
    Venezuelan food mogul nabs Miami warehouse for $8M
    Treehouse nightclub is accepting Bitcoin buyers. (Getty, Google Maps)
    Miami Beach Treehouse nightclub for sale — for cash or cryptocurrency
    Miami Beach Treehouse nightclub for sale — for cash or cryptocurrency
    arrow_forward_ios

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

    Loading...