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Crescent Heights and Terra obtain funding for Park on Fifth Project

October 4, 2019

Crescent Heights and Terra finalized their partnership with a significant deed and mortgage transactions for the Park on Fifth project on South Beach. Venera Finance & Investment awarded a $90 million mortgage to a joint venture between the companies for the 6.3-acre site. The deal will grant financing solemnly to the first two phases of the project.

The loan will comprise the development of the commercial building, the public park, the condo sales center and the marketing campaign for the condos. The financing for the the third phase, the 44-story condo tower, will be released later, informed Russell Galbut, managing principal of Crescent Heights.

Galbut was said to consider the deed a vehicle to achieve the earlier announced partnership between the developers. “This gives us the funding necessary to start the condo sales side,” he said. “There is nothing like this ever built on Miami Beach, nothing with the park and the view corridors we will have.”

Located at 500, 600 and 700 Alton Road, the developers are still striving to settle the details for the project and a temporary sales center before starting the construction. They had previously agreed to grant three acres to the city for a park and build a pedestrian bridge over Fifth Street. 

Pricing of the condos has not been defined, since developers are still calculating the cost of the condo project, informed Galbut. The developers are currently speaking with commercial tenants.

Terra release a statement informing that construction on the park could start by early 2020.

The deal will provide the financing for the first two phases of the project at 500, 600 and 700 Alton Road — at the gateway to Miami Beach.

Russell Galbut, managing principal of Crescent Heights, said the deed was not an arms-length transaction, but a vehicle to finalize the previously announced partnership between the developers. The loan will cover the construction of the public park, the commercial building, the condo sales center and the marketing campaign for the condos. The third phase will be the 44-story condo tower, and its financing will come later, he added.

“This gives us the funding necessary to start the condo sales side,” Galbut said. “There is nothing like this ever built on Miami Beach, nothing with the park and the view corridors we will have.”

The developers are working to finalize the details of the Park on Fifth and a temporary condo sales center before starting construction. They agreed to donate three acres to the city for a park and build a pedestrian bridge over Fifth Street. The park would include a one-third mile elevated sidewalk.

The residential tower would have 410 units in 40 floors, sitting atop a four-story podium with about 15,000 square feet of commercial space. There would be about 50,000 square feet of amenities for residents.

Galbut said pricing of the condos has not yet been determined. The developers are still calculating the cost of the condo project, he added. He also stated that the developers are currently speaking with commercial tenants for space in the Park on Fifth, with the park being a major draw for them.

In a statement, Terra said construction on the park could start by early 2020.

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Call Us At: 305 397 8788

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