Lotus Capital Arranges One of Miami’s Largest Land Financings
Lotus Capital Partners, LLC said it had arranged and closed one of the largest land financings ever completed in Miami. The financing consisted of a $55-million loan for the acquisition of a prime 1.62-acre waterfront development site in Miami’s Brickell neighborhood on behalf of Newgard Development Group, which plans a mix of residential and hotel uses.
The trophy site, located on South Miami Avenue, features 400 feet of frontage along the Miami River, allowing for 1.27 million square feet of development. Lotus negotiated and closed on a financing package from 3650 REIT, which carries a term of two years with two six-month extension periods.
“This property is arguably one of the best land sites in any major American downtown,” said Lotus managing partner Faisal Ashraf. “We are excited to move forward in collaboration with our client Newgard towards the next phase of the project: raising construction financing and JV equity.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).