Miami Retail Center Scores $26M Refi
- Nov 25, 2019
An affiliate of Saber Real Estate Advisors has received a $26.2 million conduit loan to refinance 1824 Alton, a Class A, 109,961-square-foot retail center in Miami Beach, Fla. Working on behalf of the borrower, Cushman & Wakefield placed the 10-year, fixed-interest rate financing with Starwood Mortgage Capital.
The five-story shopping center is at 1824 Alton Road, near the intersection of Alton Road and Dade Boulevard, where the combined average traffic count reaches 77,500 vehicles per day. Located in Sunset Harbor, 1824 Alton is several blocks west of Miami Beach City Hall and two blocks north of Lincoln Road Mall. The property is also roughly 5 miles southeast of an 86,000-square-foot retail project underway in Miami’s Design District.
Designed by Miami architect Kobi Karp, 1824 Alton was completed in late 2018. The building consists of 11,561 square feet of ground floor retail space, 15,450 square feet of second floor retail space and 139 parking spaces on three upper levels. The property is 94.3 percent occupied, with Michaels as the anchor tenant. Citibank and Starbucks are also on the roster.
Cushman & Wakefield’s Jason Hochman and Michael Ciadella of the Equity, Debt & Structured Finance team secured the loan on behalf of Saber. Hochman was also part of the team which represented Saber in the purchase of the building’s development site in 2015.