Abraham Bergman, Opal Realty NY and The Scharf Group are planning a mixed-use project in Miami Beach, after buying a development site for $15.5 million.
The joint venture acquired two parcels at 7410 Collins Avenue and 7400 Harding Avenue in the city’s North Beach neighborhood, near the planned Ocean Terrace development by Witkoff, Alex Blavatnik and Sandor Scher, a press release states.
Bay Harbor Islands-based Benmark Capital, led by CEO Mark Simon, provided an $11.9 million acquisition loan. Bergman’s New York-based Eastern Union brokered the mortgage, Simon told The Real Deal.
“Because of our ability to close quickly, Abe [Bergman] went with us,” Simon said. “Tradiitonal banks are taking much longer to execute transactions like this. It’s a great location. North Beach is undergoing a crazy transformation.”
The seller, an affiliate of Royal Oak, Michigan-based Calvin Gaeta Development Company, paid $855,000 for the two parcels in 1986, records show.
Bergman, Opal Realty NY, led by Charles Hoffman, and The Scharf Group, led by Glenn Scharf, won approval last year from the city of Miami Beach to build two new five-story buildings spanning 90,000 square feet that will entail 12,000 square feet of ground-floor retail and 40,000 square feet of offices, city records show. The project will also restore and incorporate a historic retail building at 7410 Collins Avenue currently leased to CVS.
In addition, the joint venture is planning to include residential units, but the partnership has not decided if they will be units for sale or rent, a spokesperson said.
The joint venture plans to break ground next year, the release states.
Founded in 2012, Opal Realty NY has $4 billion in commercial real estate assets under management, according to the firm’s website. The Scharf Group is a family office founded in 1946.
Since last year, Benmark Capital provided $13.6 million in financing for La Baia North, the second phase of a condominium project in Bay Harbor Islands being developed by The Eichner family’s Continuum Company.
North Beach is experiencing a wave of new projects. Lefferts is planning four condominiums in the neighborhood. In March, the firm began closings for 72 Park, a 22-story tower with 206 short-term rental-friendly units. Lefferts is also developing the 126-unit Palm Miami Beach Residences, the 134-unit 72 Carlyle and an unnamed 36-unit boutique condominium in North Beach.
Northlink Capital is also planning a short-term rental-friendly condominium in North Beach. In April, the firm launched sales for 7200 Collins, the 12-story, 222-unit building.
