Cushman & Wakefield Secures $26.15M Refinancing for 1824 Alton
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.