Kevin M. O'Grady, director, and Daniel R. Sheehan, vicepresident, of LJ Melody & Co.'s South Florida office securedthe mezzanine capital for South Beach Resort Development. Financingterms included a $6.3 million tranche of capital that filled thegap between the construction lender and the developer's equity. Itprovided a two-year term at a negotiated interest rate to be repaidthrough the project's unit sales.

Currently, the property is used as a pay-to-park lot borderingOcean Drive, with about 5,000 sf of retail space situated in theback along Collins Avenue. Plans call for the lot and the buildingto be leveled to make room for the new development in the firstquarter of next year.

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