Benefit Street Provides $28M Refi on Luxury Miami Apartment Development

September 29, 2020

Benefit Street Partners Realty Trust (BSPRT), a real estate investment trust affiliated with Benefit Street Partners, has provided $27.5 million in debt financing to an entity controlled by Marlon Gomez, the managing principal of Miami-based Gomez Development Group. The debt refinances 275 Fontaine Parc Luxury Apartments, a new 133-unit luxury rental development in Miami, Commercial Observer has learned.

BSPRT’s three-year bridge loan, which pays interest at a rate just under 6 percent, retired around $24.3 million in construction financing provided by BridgeInvest in Oct. 2018 to break ground and build out the asset at 275 Fontainebleau Boulevard, Miami-Dade County records show.

See the full article on Commercial Observer.