#United States #Miami Beach #Eastern Union #Benmark Capital

Eastern Union and Benmark Capital Close $11.85 Million Acquisition Loan

In an exciting recent development within the Miami real estate market, Eastern Union and Benmark Capital have finalized an acquisition loan amounting to $11,850,000. This financial backing is aimed at the purchase of two prominent land parcels situated at 7410 Collins Avenue and 7400 Harding Avenue in Miami Beach, Florida. These parcels are strategically located directly across from the highly anticipated Ocean Terrace development, setting the stage for significant growth in the area.

The deal is a testament to the expertise of the Eastern Union team, led by President Abraham Bergman, who is not only the mortgage broker for this transaction but also part of the borrowing team. Collaborating with Charles Hoffman from Opal Realty NY and the Scharf Group, this trio brings with them a wealth of real estate development experience across multiple states. The vision for the newly acquired properties involves a 90,000-square-foot mixed-use development that will combine retail, residential, and Class-A office spaces, enhancing the vibrancy of North Beach.

The loan was facilitated by Benmark Capital, a reputable private real estate finance firm based in Miami. Founded with a focus on bridging gaps in real estate financing, Benmark stands out for its agility and creative deal structuring. Mark Simon, the founder and CEO of Benmark Capital, expressed enthusiasm for being part of a project that aligns with their strategic focus on high-quality, well-located properties in areas where conventional supply is limited. He emphasized that North Beach is currently undergoing a dynamic transformation, and Benmark’s support for experienced developers is poised to create lasting value in the region.

The two contiguous properties have a storied history; they were initially contracted four years ago for $15.5 million. The Collins Avenue site, recognized as a historic location, is currently home to a CVS store, while the Harding Avenue parcel remains a vacant parking lot serving CVS customers. The planned construction, scheduled to commence in July 2026, aims to preserve the historic character of the Collins Avenue building, which has been designed in the iconic art deco style, ensuring that the new development pays homage to the architectural heritage of Miami Beach.

Bergman praised Benmark’s efficiency in handling what he described as a complex transaction with both precision and integrity. He stated, “Working with Benmark was a pleasure. They handled the transaction with great professionalism, underscoring the trust our teams have built throughout this process.” The collaborative relationship between these firms exemplifies how strategic partnerships can navigate the intricacies of modern real estate finance, providing opportunities that might otherwise seem out of reach.

Furthermore, Joe Moser, Director of Originations at Benmark, echoed sentiments about the ongoing transformation of North Beach. He stressed Benmark’s commitment to lending on parts of real value and taking a keen interest in Miami Beach's long-term development fundamentals. This project not only reflects their belief in the area's potential but also the capabilities of the borrowing team to unlock said potential.

The collaborative effort emphasizes how institutional and private lenders are maintaining a robust interest in Miami Beach's future. As the city continues to evolve, projects like this one – blending modern functionality with historic preservation – will capture the essence of what makes Miami Beach a coveted destination.

In addition to Eastern Union and Benmark Capital, the development team illustrates a blend of experience and entrepreneurial flair brought by Opal Realty NY and The Scharf Group. These firms represent the future of real estate investment and development in Miami Beach, ensuring that the area remains vibrant, thriving, and attractive for both residents and visitors.

In summary, the successful closure of this $11.85 million loan marks a significant stride forward for Miami Beach’s real estate scene. The move signals a strong confidence in the area’s economic viability and developmental potential, with Eastern Union and Benmark Capital leading the way in this transformative journey. As preparations for construction begin, all eyes will be on the innovative mix of spaces that will soon grace the streets of one of Florida’s most iconic coastal communities.