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MIAMI BEACH, FL-Bassobe I is proposing about $1.43 million in renovation work, or roughly $12,328 per unit, on 116 units in five aging apartment properties purchased from Calm Wave Trust and Blue Sky Trust for $6.63 million or $57,212 per unit in the rapidly redeveloping South Beach sector of Miami Beach.

The Chicago-based investment group has secured a 24-month $7.3 million bridge loan on the properties, with one six-month option, through the South Florida offices of Chicago-based Inland Mortgage Corp. Inland is underwriting 85% loan-to-cost and 80% of the portfolio’s stabilized value.

The apartments are on lots ranging in size from 7,000 sf to 8,250 sf, according to Miami-Dade County property records. The properties are at 1611 Michigan Ave., 30 apartments built on 7,500 sf in 1938 and acquired for $1.624 million; 1319 Meridian Ave., 28 apartments built on 7,000 sf in 1926 and acquired for $1.33 million; 529 15th St., 20 apartments built on 8,000 sf in 1939 and acquired for $1.37 million; 1619 Jefferson Ave., 26 apartments built on 8,250 sf in 1926 and acquired for $1.57 million; and 1310 Euclid, 12 apartments built on 7,000 sf in 1950 and acquired for $742,600.

Not much information is publicly available on Bassobe because state corporation records list no officers and refer all contact inquiries to a Barry Sidel in Chicago. Leslie Lundin, an Inland senior vice president who sourced the deal, tells GlobeSt.com that company policy prohibits her from talking about the principals involved.

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