{"id":1004209712,"date":"2018-03-09T08:05:45","date_gmt":"2018-03-09T16:05:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004209712"},"modified":"2022-12-08T09:39:30","modified_gmt":"2022-12-08T17:39:30","slug":"miami-retail-project-lands-35m-construction-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miami-retail-project-lands-35m-construction-loan\/","title":{"rendered":"Miami Retail Project Lands $35M Construction Loan"},"content":{"rendered":"<p>By Timea Papp<\/p>\n<div id=\"attachment_1004209713\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/BLVD-at-Lenox.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004209713\" data-attachment-id=\"1004209713\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/miami-retail-project-lands-35m-construction-loan\/blvd-at-lenox\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/BLVD-at-Lenox.jpg\" data-orig-size=\"855,641\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"BLVD at Lenox\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;BLVD at Lenox&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/BLVD-at-Lenox.jpg?w=855\" class=\"wp-image-1004209713 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/BLVD-at-Lenox.jpg\" alt=\"BLVD at Lenox\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/BLVD-at-Lenox.jpg 855w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/BLVD-at-Lenox.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/BLVD-at-Lenox.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004209713\" class=\"wp-caption-text\">BLVD at Lenox<\/p><\/div>\n<p>CBRE Capital Markets\u2019 Debt &amp; Structured Finance team has secured financing for the construction of BLVD at Lenox, a multi-level retail development in Miami Beach, Fla. The project broke ground this January and is slated for delivery in early 2019.<\/p>\n<p>City National Bank originated the $35 million financing. The advisory team worked on behalf of the developer, an entity affiliated with Comras Cos. The development is 50 percent pre-leased, with Target\u2019s new urban format as the primary anchor tenant.<\/p>\n<p>Located at 1045 Miami Beach Blvd., on the corner of 5<sup>th<\/sup> Street and Lenox Avenue, the five-story property will encompass 67,673 square feet. Three levels will include retail space and the upper two stories will provide 224 parking spaces. The building\u2019s base elevation has been uplifted to accept the future raising of the street and of other sustainable features.<\/p>\n<h2>LEED-certified asset<\/h2>\n<p>BLVD at Lenox\u00a0was designed to become\u00a0South Beach\u2019s first commercial LEED Gold certified development. Michael Comras of Comras Cos. is spearheading leasing efforts. Future tenants should include service-based retailers such as a bank, nail salon and spa, dry cleaner, caf\u00e9 and quick-service restaurant, among others.<\/p>\n<p>CBRE\u2019s Atlanta-based Senior Vice President Jonathan Rice and Executive Vice President Jeffrey Ackemann secured the <a href=\"https:\/\/www.commercialsearch.com\/news\/cbre-arranges-construction-loan-for-florida-retail-center\/\">construction financing<\/a>.<\/p>\n<p><em>\u201cMiami Beach has a retail market that is extremely supply-constrained with exceptionally high barriers to entry for new development. For that reason, we\u2019re even more excited to have played a role in bringing the first Target to Miami Beach, a retailer that was long-anticipated among residents,\u201d<\/em> said Arden Karson, senior managing director of South Florida at CBRE, in prepared remarks.<\/p>\n<p><em>Rendering courtesy of Comras Cos.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BLVD at Lenox is expected to become South Beach\u2019s first commercial LEED Gold certified property, with a delivery date estimated for early 2019.<\/p>\n","protected":false},"author":240,"featured_media":1004209713,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,1492,21742,21749],"tags":[32789,36283,32779,34545],"class_list":["post-1004209712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-miami","category-latest","category-retail","tag-cbre","tag-comras-company","tag-leed","tag-target-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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