The Boymelgreens scored a $35.5 million construction loan for their planned boutique condo development in Mid-Miami Beach, The Real Deal has learned.
JP Roosevelt, an entity led by Sarah, Menachem and Levi Boymelgreen, secured the financing from BridgeCity Capital. The developer plans to break ground this month on the eight-story, 50-unit project, called 42 Pine, at 340 West 42nd Street, according to a press release.
A rendering of 42 Pine (Source: 42 Pine)
Brooklyn-based BridgeCity, which bills itself as the “millennial marketplace for real estate capital,” is led by CEO Allan Lebovits. The firm has provided loans to projects in Fort Lauderdale and Miami Beach, according to its website.
The non-waterfront development is 50 percent presold after launching sales in late April to friends and family, according to the release. Douglas Elliman agent Mushka Jacobson is leading sales. Prices range from $700,000 to $4 million for penthouses.
It’s expected to be completed by the end of 2023. The development is one of the only, if not the only, new condo projects planned for the Nautilus neighborhood of Mid-Miami Beach, where home sales have soared during the pandemic.
Arquitectonica is designing the building. Units will have one to three bedrooms, with 700 square feet to 2,700 square feet for combined units. Amenities will include a fitness center, club and game room, media lounge, children’s playroom, a pool, spa, cabanas and a yoga and meditation lawn, according to the release. Units will include kosher-friendly gourmet kitchens with Wolf and Subzero appliances, hardwood floors, marble countertops and glass-enclosed terraces.
The 0.8-acre development site borders Pine Tree Drive to the east and Meridian Avenue to the west. The Boymelgreens’ JP Roosevelt also owns an adjacent office building fronting 41st Street, which will remain.
Sarah Boymelgreen is married to Shaya Boymelgreen, an Israeli-born New York developer who has been expanding his portfolio in South Florida. In the early 2000s, he partnered with diamond billionaire Lev Leviev, although the partnership was later dissolved. More recently in 2016, the New York Attorney General imposed a two-year ban on Boymelgreen in the offer and sale of securities, including condos.
Elsewhere in South Florida, Boymelgreen secured a $30 million construction loan in March for a hotel in Surfside. Boymelgreen had planned to build a luxury residential complex with 68 townhouses, and scored a $23.5 million loan for that project in 2018, but is now building a hotel.
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