Vue at Brickell’s retail space gets $12M refinancing
Owners purchased 12 commercial sites for $5.54 million in 2005
September 16, 2015 11:15AMBy Ina Cordle
1250 South Miami Avenue
The owner of the Vue at Brickell’s 16,000 square feet of ground-floor retail space has obtained $12 million in refinancing, The Real Deal has learned.
Philip Carroll and Adam Lipkin of Grandbridge Real Estate Capital arranged the financing, Lipkin told TRD.
The owner of the retail space is Bentley Holdings LLC, according to Miami-Dade property records. The firm’s managing member is Haim Yehezkel, and other managers include Avi Dishi and Isaac Amsalem, public records show. The entity paid $5.54 million for the 12 commercial sites at the condo tower in 2005, according to property records.
The 10-year loan has a fixed interest rate below 4 percent with a 30-year amortization, Grandbridge said, declining to name the lender.
The Vue at Brickell‘s retail space, at 1250 South Miami Avenue, is 100 percent occupied, with restaurants including My Ceviche, Piola and OTC, as well as boutique shops and service-oriented operators. Buoyed by Brickell’s large professional and residential population, retail landlords in the area consistently generate rents exceeding $120 per square foot, according to a release.
“Lenders that understand the market know that street-level retail in Brickell is a good long-term bet,” Lipkin said in a statement. Demand for service-oriented retail in Miami’s urban core is high, but supply is severely limited, he added.
“With the supply constraints in the market,” Lipkin said, “one strategy being pursued by retail investors is to enter into agreements with developers on sites where they can own all or some of the future retail in emerging and existing urban areas.”
Source: The Real Deal