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Lotus Capital Partners Structures $70M for Waterfront Condo in Bay Harbor Islands
Lotus Capital Partners, LLC, has arranged and structured a $70-million acquisition and development financing package for Pearl Property Group and L3C Capital Partners for a 46-unit luxury waterfront development in the Miami submarket of Bay Harbor Islands, FL.
Lotus arranged a dual-structure financing package with MSD Partners that provides the sponsor with (a) acquisition financing to purchase the real estate, and (b) stapled to a ground-up construction loan to develop the property.
“The acquisition loan will address the pre-development needs of the sponsor, including demolition, excavation, marketing costs along with the acquisition of transfer development rights,” said Faisal Ashraf, Lotus’s managing partner. “At a later date, likely towards the 3Q 2024, MSD will fund the construction tranche.”
PPG and L3C are acquiring a one-acre site facing the Bay Harbor waterway with a 30-unit condominium building that will be demolished. The new development will consist of 46 high-end condominiums and amenities such as fitness center, a resort club pool overlooking the water and marina.
- ◦Development
- ◦Financing
