Sunset Harbour Miami Beach Portfolio Secures $18M Refi

MIAMI—An eight-property portfolio that includes the new Sunset Harbour Shops in Miami Beach, has secured an 18-million, 10-year fixed rate loan. Scott Robins and Philip Levine own the assets, which span more than 60,000 square feet of net rentable area.

Aztec Group’s managing directors Jason Shapiro and Jim Fried represented the borrower in the transaction. The duo secured competitive terms difficult to obtain in the current financing market.

“Getting a lender comfortable committing to fund a project with these dynamics is challenging because the necessary cash flow isn’t completely in place at the time of funding to provide the cushion the lenders generally require,” Shapiro tells GlobeSt.com. “What mitigated a significant amount of this risk were two things. First, the properties excellent locations in the Sunset Harbour neighborhood of South Beach. Second, the extremely high-quality and experienced sponsorship behind the transaction in Scott Robins and Philip Levine.”

Sunset Harbour Shops, home to 30,000 square feet of retail and restaurant space and a 430-space parking garage, is home to a mix of local upscale tenants. Centrally located in a burgeoning residential area, the new Sunset Harbour Shops anchors an active retail corridor that includes a nearby Publix Supermarket and a recently-opened Fresh Market and services a growing base of residents and visitors.

“The once desolate Sunset Harbour neighborhood is transforming into a pedestrian-friendly shopping and dining destination serving area residents that we aim to continue developing to its full potential,” commented Robins, founder and CEO of Scott Robins Companies. Robins and his company have been instrumental in transforming once blighted areas into flourishing neighborhoods for decades.

The remainder of the portfolio includes the following properties: 1919, 1929 &1787 Purdy Avenue; 1916 & 1930 Bay Road; 1935 West Avenue and 1850 Bay Road, all of which are in close proximity to each other within the Sunset Harbour neighborhood. The eighth property is a development parcel located at the Southwest corner of 17th Street and Michigan Avenue.
 
Marty Schwartz of law firm Bilzin Sumberg served as closing counsel for the borrower. John Halula of law firm Holland & Knight represented the local lender.
 
“This transaction further underscores the continued evolution of the Sunset Harbour neighborhood, which has gone from a rather desolate and industrial area to an upscale community filled with shops, restaurants and residential development more closely aligned with adjacent areas of Miami Beach,” commented Marty Schwartz, real estate partner at Bilzin Sumberg.  “This loan will help finance the development of additional restaurant and retail space in Sunset Harbour.”