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Flagler City Center
Miami, FL | April 2021
Thorofare Capital has funded a short-term bridge loan for the refinance of Flagler City Center, a rare 2.488-acre development site in Downtown Miami. Thorofare provided a quick-close, low-leverage refinancing after the sponsor’s existing mortgage was sold by the bank to an opportunistic investor. Presently, the site consists of a 164,003 SF, 3-story retail center, anchored by Marshalls, which comprises of three buildings across three parcels.
The site includes “no-limit” zoning, resulting in substantial land value due to the as of right support for a large-scale, mixed-use development. Flagler City Center presents a potential of 2.6 million developable square feet including over 2,400 residential units. The transit-oriented location benefits from its T6‐80‐O zoning, which is the most intensive zoning designation within the City of Miami and by-right allowance for up to 24 FAR as of right (with a possible 50% density bonus), 80% lot coverage, 1,000 units/acre and 80 stories.
The non-recourse, interest-only bridge loan carries an initial term of one year and includes one additional performance-based extension option. The financing allows for prepayment flexibility. The sponsor is an local family that has owned the site for over three decades.