Kevin M. O'Grady, director, and Daniel R. Sheehan, vice president, of LJ Melody & Co.'s South Florida office secured the mezzanine capital for South Beach Resort Development. Financing terms included a $6.3 million tranche of capital that filled the gap between the construction lender and the developer's equity. It provided a two-year term at a negotiated interest rate to be repaid through the project's unit sales.
Currently, the property is used as a pay-to-park lot bordering Ocean Drive, with about 5,000 sf of retail space situated in the back along Collins Avenue. Plans call for the lot and the building to be leveled to make room for the new development in the first quarter of next year.
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