Robert Khodadadian – Commercial Observer

The family office of Crescent Heights co-founder Russell Galbut and Lefferts Investments secured a $97.5 million construction loan for a multifamily project in Miami Beach’s North Beach neighborhood, property records show. 

The 21-story development, 72 Park, will include 266 units, a parking garage and ground-floor retail, according to filings made to Miami-Dade County. Located at 580 72nd Street, the residential project faces The North Shore Park & Youth Center, spanning a full block. 

The joint venture assembled the 1.7-acre site between 2015 and 2016, paying about $17 million in total, according to property records. The firms, both of which are based in the Miami area, first secured a $15.3 million loan from Synovus Bank last year, of which nearly $7 million remains outstanding. 

Now Ocean Bank, acting as administrative agent for a group of lenders, assumed the existing loan and upped it by $97.5 million, bringing the total financing to $104.5 million, per mortgage documents. Demolitions of existing properties to make space for 72 Park began in August and construction got underway last week, according to filings made to Miami-Dade County.

72 Park is the latest Miami Beach project for Galbut, who in 1989 co-founded Crescent Heights, now a national development firm. Galbut runs GFO Investments as a family office.

At the southern end of Miami Beach, GFO is developing Five Park, a luxury condominium tower, with David Martin’s Terra, having secured a $345 million construction loan last year. Galbut also secured approvals to redevelop a low-rise property in South Beach into a boutique hotel this year.

Representatives for Lefferts Investments, a boutique firm with investments in Miami and New York, and GFO Investments could not be reached for comment. 

Julia Echikson can be reached at jechikson@commercialobserver.com

The family office of Crescent Heights co-founder Russell Galbut and Lefferts Investments secured a $97.5 million construction loan for a multifamily project in Miami Beach’s North Beach neighborhood, property records show.  The 21-story development, 72 Park, will include 266 units, a parking garage and ground-floor retail, according to filings made to Miami-Dade County. Located atRead MoreChannel, Construction, Finance, 72 Park, Crescent Heights, Ocean Bank, Russell Galbut  Commercial Observer Read More 

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, Commercial Observer, Retail For Lease, Commercial Observer,

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