Eastern Union and Benmark Capital closed on an $11,850,000 acquisition loan for the purchase of 7410 Collins Avenue and 7400 Harding Avenue, two prime parcels located directly opposite the forthcoming Ocean Terrace development in Miami Beach in South Florida.
The borrowers obtained full approval to construct a 90,000-square-foot, mixed-use development featuring retail, residential, and Class-A office space on the sites. The new development will include a total of two adjacent five-story structures standing on the two parcels.
The two contiguous properties had originally been placed under contract approximately four years ago for $15.5 million. The Collins Avenue structure, designated as a historic site, presently houses a one-story CVS drug store. The Harding Avenue land is vacant and serves as a parking lot for CVS customers.
Construction is scheduled to commence next July.
Benmark Capital, which provided the loan, is a real estate debt fund firm based in Miami. The borrowing team, all based in New York, consists of Abraham Bergman, President of the commercial mortgage brokerage Eastern Union, and Charles Hoffman of Opal Realty NY, who together partnered with The Scharf Group. Bergman also acted as the mortgage broker on the transaction through Eastern Union.
“Working with Benmark was a pleasure,” said Bergman. “They were agile, accommodating, and handled a complex transaction with precision and integrity. The fact that I served as both borrower and mortgage broker speaks volumes about the trust and professionalism that Benmark brings to every deal. They closed even better than promised.
“The borrowing team brings generations of real estate development experience across multiple states,” he said. “And the overall development vision came into being through a creative capital structure and strategic planning.”
“Benmark Capital is pleased to have provided the financing for this project on Collins Avenue in North Beach,” said Mark Simon, Founder and CEO of Benmark Capital. “This transaction aligns with Benmark’s strategy of financing well-located, high-quality projects in supply-constrained markets. North Beach is undergoing a dynamic transformation, and we’re proud to support experienced sponsors who are helping shape the next chapter of Miami Beach’s growth.”
“North Beach is in the midst of a major transformation, and we’re proud to support visionary sponsors like Abe Bergman and Charles Hoffman, who continue to shape the next chapter of Miami Beach’s growth story,” said Joe Moser, Director of Originations at Benmark Capital, who originated the loan. “At Benmark, we focus on lending against real value, whether that’s cash-flowing assets, entitled land, or future development potential. This transaction reflects our confidence in both the long-term fundamentals of Miami Beach and the sponsor’s ability to unlock that potential.”
“This enterprise demonstrates the continued confidence that institutional and private lenders maintain in Miami Beach’s long-term development outlook,” Bergman said. “It also underscores the strength of collaborative relationships in navigating complex capital structures.”
The Collins Avenue building is designed in art deco style, and the redeveloped edifice will retain its historic character.
