MIAMI, May 26, 2022
The financing will be used for the demolition of an existing condominium and the development of an ultra-luxury branded residential development in Edgewater.
MIAMI, May 26, 2022 /PRNewswire/ -- Lionheart Strategic Management LLC (Lionheart), an SEC-registered investment advisor that was formed in 2017 as the asset management affiliate of Fisher Brothers, today announced that it will be providing a $45 million mezzanine loan to Two Roads Development, backed by a $105 million senior mortgage loan from Bank OZK. The financing will be used to fund the acquisition of an existing condominium in the Edgewater neighborhood of Miami in preparation for the future development of an ultra-luxury branded residential development on the property.
"This closing signifies our bullish investment thesis in South Florida development and the Miami market in particular," said Andy Klein, Managing Director and Co-Head of Investments at Lionheart Strategic Management. "We are continuously seeking high-quality investment opportunities in growth markets, and this property's irreplaceable waterfront views and proximity to Brickell, Downtown Miami, Wynwood, the Design District and Miami Beach present an undeniably attractive value proposition for future redevelopment. We are excited to partner with Bank OZK and Two Roads Development on this endeavor and look forward to all this project will bring to the area."
"Over the last decade, Two Roads Development has helped put Miami's Edgewater district on the map as one of the City's most in-demand residential neighborhoods with successful luxury condominium developments including Biscayne Beach and Elysee. Plans for our newest development, which will feature a signature architectural design by Bernardo Fort-Brescia of Arquitectonica, include a mix of ultra-luxe condominiums and signature branded residences that will elevate Edgewater's global appeal as Miami's premier enclave for luxury high-rise living," said developer Taylor Collins, managing partner of Two Roads Development. "We are pleased to partner with Lionheart and Bank OZK on this exciting new development."
Two Roads Development plans to redevelop the 3.5-acre waterfront site of Biscayne 21, an existing 191-unit condo building located at 2121 N. Bayshore Drive in the Edgewater neighborhood of downtown Miami, into an ultra-luxury branded residential development.
Andy Klein, Robert Kamenec, and Benjamin Eshiwani led the transaction for Lionheart Strategic Management.
About Lionheart Strategic Management LLC
Lionheart Strategic Management, LLC, an SEC-registered investment advisor that was formed in 2017 as the asset management affiliate of Fisher Brothers to manage investments for individuals of the firm and on behalf of third party investors seeking exposure to real estate strategies with a primary focus on top urban markets within the United States. For more information, please visit http://www.lionheartstrategic.com/
About Two Roads Development
Two Roads Development is a South Florida-based real estate development firm whose principals have combined over 120 years of experience in developing, financing, and marketing residential and commercial projects across the United States. Over the years, Two Roads has set the standard for luxury development with properties that feature the best location, architecture, amenities, and services in the industry. The firm's current residential portfolio includes Elysee Miami and Biscayne Beach, two luxury condominiums in downtown Miami, FL; Pendry Residences, a branded hotel-condominium in Tampa, FL; Forte, a 41-residence luxury waterfront condominium in West Palm Beach, FL; Tuscany Ranch, a 6,000-home master-planned active adult community in Citrus County, FL; and Freeport Plantation, a master-planned mixed-use community in Freeport, FL. Learn more at: www.tworoadsre.com.
About Bank OZK
Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. During the five years ended December 31, 2021, RESG originated approximately $35 billion in new commercial real estate construction loans. For more information visit www.ozk.com.
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SOURCE Lionheart Strategic Management, LLC