Abraham Bergman, Opal Realty NY, and The Scharf Group have acquired two parcels in Miami Beach’s North Beach neighborhood for $15.5 million with plans to develop a mixed-use project. The properties are located at 7410 Collins Avenue and 7400 Harding Avenue, near the upcoming Ocean Terrace development.
The acquisition was financed by Bay Harbor Islands-based Benmark Capital, which provided an $11.9 million loan. Mark Simon, CEO of Benmark Capital, said Eastern Union brokered the mortgage deal. Simon stated: “Because of our ability to close quickly, Abe [Bergman] went with us. Tradiitonal banks are taking much longer to execute transactions like this. It’s a great location. North Beach is undergoing a crazy transformation.”
Records show that the seller, affiliated with Calvin Gaeta Development Company from Royal Oak, Michigan, originally purchased the parcels for $855,000 in 1986.
According to city records, Bergman and his partners received approval last year from Miami Beach authorities to construct two five-story buildings totaling 90,000 square feet on the site. The planned development includes 12,000 square feet of ground-floor retail space and 40,000 square feet of offices. Additionally, the project will restore and incorporate a historic retail building at 7410 Collins Avenue currently leased to CVS.
A spokesperson for the joint venture indicated that residential units will be part of the project but noted that it has not yet been determined whether these units will be offered for sale or rent.
Construction is expected to begin next year.
Opal Realty NY was founded in 2012 and manages $4 billion in commercial real estate assets according to its website. The Scharf Group is a family office established in 1946.
Benmark Capital has also recently provided financing for other projects in the area; since last year it supplied $13.6 million for La Baia North—part of a condominium development by Continuum Company in Bay Harbor Islands.
North Beach continues to see significant new development activity from various firms including Lefferts—which is working on four condominium projects such as Palm Miami Beach Residences and 72 Carlyle—and Northlink Capital which launched sales this April for its short-term rental-friendly building at 7200 Collins Avenue.
