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Lotus Capital Partners, LLC has arranged $70 million for the development of a luxury waterfront condo in Bay Harbor Islands, FL.

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.

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Lotus Capital Partners, LLC's Ashraf

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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