MIAMI—Concord Summit Capital LLC recently arranged $20-million in senior financing to refinance the Bayfront Parking Garage, an operating six-story parking garage with 753 spaces located at 255 NE 1st Street, Miami, FL 33131.
Concord Summit's Managing Director Justin Neelis from the firm's Miami office sourced the loan on behalf of the owners, Artifact Group and Blutrich Holdings Inc. This is the second loan Concord has closed with Blutrich Holdings Inc.
The owner acquired the property in 2021 with the plan to operate and potentially redevelop it. The property consists of 0.86 acres with T6-80-0 zoning allowing a tremendous development opportunity for up to 800 residential units and 120 hotel rooms.
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Gil Blutrich, Chairman of Blutrich Holdings Inc. stated, "Justin and his team consistently showcase their deep expertise and strong connections in pre-development and construction financing. My family office is delighted to work with Concord Summit and to be involved in the revitalization of downtown Miami's historic district. With Blutrich Holdings overseeing the development sites for over 1,400 residential units, we are excited about the transformative impact on the area."
Anil Basegmez, managing partner of Artifact Group stated, "This is a long-term-hold asset for our partnership. This financing allows us the flexibility and timeframe that we want to plan out the best path forward. We are strong believers in Miami Downtown's future and look forward to what's next."
"It was a pleasure working with Artifact Group and Blutrich again," Neelis said. "This is another example of how our team can bring together sponsors with attractive financing in a tumultuous time in the capital markets."
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