Abraham Bergman, Opal Realty NY, and The Scharf Group have acquired a development site in Miami Beach’s North Beach neighborhood for $15.5 million. The joint venture purchased two parcels at 7410 Collins Avenue and 7400 Harding Avenue, located near the upcoming Ocean Terrace project.
Benmark Capital, based in Bay Harbor Islands and led by CEO Mark Simon, provided an $11.9 million acquisition loan for the purchase. Eastern Union, a New York-based firm headed by Bergman, brokered the mortgage deal. “Because of our ability to close quickly, Abe [Bergman] went with us,” Simon said. “Traditional banks are taking much longer to execute transactions like this. It’s a great location. North Beach is undergoing a crazy transformation.”
The seller was an affiliate of Calvin Gaeta Development Company from Royal Oak, Michigan, which originally bought the two parcels in 1986 for $855,000.
Last year, Bergman, Opal Realty NY—led by Charles Hoffman—and The Scharf Group received approval from Miami Beach officials to construct two five-story buildings totaling 90,000 square feet on the site. Plans include 12,000 square feet of ground-floor retail space and 40,000 square feet of office space. The project will also restore and incorporate a historic retail building at 7410 Collins Avenue that is currently leased to CVS.
A spokesperson for the partnership stated that residential units are also planned but it has not been decided whether they will be available 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 recently financed other projects in the area as well; since last year it provided $13.6 million for La Baia North—a condominium project developed by Continuum Company in Bay Harbor Islands.
North Beach continues to see significant new development activity. Lefferts has four condominium projects underway there; its recent developments include 72 Park—a 22-story tower with 206 short-term rental-friendly units—and Palm Miami Beach Residences with 126 units among others. Northlink Capital is developing another short-term rental-friendly condominium at 7200 Collins Avenue where sales launched earlier this year for a planned twelve-story building with 222 units.
