July 25, 2018 | The Real Deal
Developers scored a $12.5M loan for new facility
By Katherine Kallergis
A partnership between Avra Jain and David Martin of Terra closed on a property and financing for a new project in the Liberty City neighborhood of Miami, just west of Little River.
Jain and her business partner Joe Del Vecchio are partnering with Martin to build a 95,000-square-foot flex warehouse development on the 4.7-acre site at 1010 Northwest 72nd Street, Jain said.
David Avan’s 1010 NW LLC sold the property to 1010 NW Investments LLC. The buyer paid $3.75 million for the property and secured a $12.5 million loan from Lion Financial. Alfredo Riascos brokered the off-market deal.
The site, which covers an entire city block across from Miami Northwestern Senior High School, last sold for about $2 million in 2015.
The developers are in talks with sports entertainment companies to lease the facility, Jain said. She expects to sign a deal within two months. Potential uses could include skate parks, indoor volleyball, rock climbing and other indoor sports. The development will also include on-site parking.
Jain and Martin have partnered together in the past. In 2015, they sold the office building at 3550 Biscayne Boulevard in Edgewater to Mack Real Estate for $18.75 million.
Jain, who is best known for redeveloping the Vagabond Hotel on Biscayne Boulevard, is also working on rehabbing apartment buildings in Overtown.
Martin, with projects in Coconut Grove, Doral, Pembroke Pines and North Beach, is partnering with developer Jackie Soffer to build a convention center hotel in Miami Beach.
A spokesperson for Terra did not immediately respond to requests for comment.