Abraham Bergman, Opal Realty NY, and The Scharf Group have purchased a development site in Miami Beach’s North Beach neighborhood for $15.5 million. The joint venture acquired two parcels located at 7410 Collins Avenue and 7400 Harding Avenue, near the Ocean Terrace development planned by Witkoff, Alex Blavatnik, and Sandor Scher.
Benmark Capital, based in Bay Harbor Islands and led by CEO Mark Simon, provided an $11.9 million acquisition loan for the purchase. The mortgage was brokered by Bergman’s New York-based Eastern Union. Simon commented on the transaction: “Because of our ability to close quickly, Abe [Bergman] went with us,” he said. “Traditional banks are taking much longer to execute transactions like this. It’s a great location. North Beach is undergoing a crazy transformation.”
The seller of the property is an affiliate of Calvin Gaeta Development Company from Royal Oak, Michigan, which originally bought the parcels for $855,000 in 1986.
Last year, Bergman, Opal Realty NY—led by Charles Hoffman—and The Scharf Group received approval from the city of Miami Beach to build two new five-story buildings totaling 90,000 square feet on the site. According to city records, plans include 12,000 square feet of ground-floor retail space and 40,000 square feet of offices. The project will also restore and incorporate a historic retail building at 7410 Collins Avenue that is currently leased to CVS.
A spokesperson for the partnership stated that residential units are also being considered as part of the project but it has not yet been decided whether these will be offered for sale or rent.
Construction is expected to begin next year.
Opal Realty NY was founded in 2012 and manages $4 billion in commercial real estate assets according to its website. The Scharf Group is a family office established in 1946.
Benmark Capital has recently financed other projects in the area as well; since last year it has provided $13.6 million for La Baia North—the second phase of a condominium project developed by Continuum Company led by The Eichner family—in Bay Harbor Islands.
North Beach continues to see significant development activity with several projects underway or planned by various developers such as Lefferts—which began closings for its 22-story tower called 72 Park earlier this year—and Northlink Capital’s launch of sales for its short-term rental-friendly condominium at 7200 Collins Avenue.
