Jason Hochman and Michael Ciadella Assisted an Affiliate of Saber Real Estate Advisors, LLC in Securing the Loan for the Trophy Urban Retail Center in Miami Beach
MIAMI, FL, November 25, 2019 — Jason Hochman and Michael Ciadella of Cushman & Wakefield’s Equity, Debt & Structured Finance team have secured a loan for the refinancing of 1824 Alton, a new Class A urban retail center in Miami Beach.
Hochman and Ciadella originated a $26.15 million conduit loan with a 10-year term and a low, fixed interest rate from Starwood Mortgage Capital on behalf of an affiliate of Saber Real Estate Advisors, LLC.
1824 Alton is a ±109,961-square-foot retail center designed by Miami architect Kobi Karp. The property was completed in late 2018 and comprises a five-story building with three levels of parking above ±31,841 square feet of Class A retail space. The center is situated on a ±0.55-acre site at the intersection of Alton Road and Dade Boulevard just two blocks north of the Lincoln Road Mall. This premier location benefits from the highest traffic counts in the area, with a combined average daily traffic count of 77,500 vehicles per day.
1824 Alton is 94.3% occupied on long-term leases to Michaels, Citibank and Starbucks, and serves an integral role in each tenant’s strategic operations in Miami Beach.
In 2015, South Florida Commercial Team members Miguel Alcivar, Scott O’Donnell, Dominic Montazemi, Greg Miller and Hochman facilitated the sale of the site to the current owner, who has since developed the new Miami Beach landmark.
“1824 Alton is a well-designed, prominent new building at the gateway to South Beach,” said Hochman. “Our team is proud to have been involved in the sale of the property a few years ago and now with the long-term financing, which our client can enjoy for the next 10 years. The property represented an excellent opportunity for lenders to finance a brand-new, generational asset with secure cash flows from entrenched, internationally recognized tenants.”
The South Florida Commercial Team of O’Donnell, Montazemi, Alcivar, Miller, Ciadella and Hochman has closed over $1.5 billion in sales and financing over the last two years. Please visit www.southfloridacommercialteam.com for more information about the team.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Saber Real Estate Advisors, LLC
Florida and New York-based Saber Real Estate Advisors, LLC is a fully integrated real estate development company specializing in land acquisition, financing and development of commercial, residential and mixed-use projects. Under the direction of Michael Klinger and Martin Berger, Saber has conceived, negotiated and implemented development plans representing nearly $2 billion in completed value. Saber is involved in a number of developments along the east coast including The River Club, a luxury apartment and retail complex in Bogota, NJ, and Hudson Heritage, a $300 million mixed-use intergenerational community on 156 acres in the Town of Poughkeepsie. Other completed Saber developments include The Corner in Tampa, FL and Livingston Circle in Livingston, NJ.