HACKENSACK-- Kennedy Funding has closed a $10.14 million loan to 888 Biscayne Enterprises, LLC.
The loan is for the acquisition of the four-story commercial space in the recently completed Marina Blue Condominium building overlooking Biscayne Bay at 888 Biscayne Boulevard in Miami, Florida. The unfinished commercial space is comprised of four stories (three floors plus one mezzanine) and totals 44,000 sf. Included with the commercial space are two terraces for outdoor seating and 185 dedicated parking spaces (50 more than required for the space) in the condominium building’s multi-level garage.
The borrower is an experienced commercial developer with a track record that includes numerous commercial real estate purchases.
While the Miami real estate market, like many throughout the country, is suffering, prime waterfront properties have done a better job of holding onto their value. The upscale residential portion of the Marina Blue condominium tower is more than 90% sold and occupied.
Kennedy Funding
www.kennedyfunding.com
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