Eastern Union and Benmark Capital have secured an $11.85 million acquisition loan for two prime parcels at 7410 Collins Avenue and 7400 Harding Avenue in Miami Beach. Located directly opposite the upcoming Ocean Terrace project, the sites offer significant development potential.
The loan, provided by Miami-based Benmark Capital, funds the purchase and enables full approval for a 90,000-square-foot mixed-use development, including retail, residential, and Class-A office space in two adjacent five-story structures, scheduled to start construction next July.
Originally contracted for $15.5 million four years ago, the properties include a historic Collins Avenue building currently housing a CVS, with a vacant land parcel serving as parking.
Eastern Union’s Abraham Bergman, who also acted as broker, praised Benmark’s agile and professional approach. Leaders emphasized Miami Beach’s ongoing transformation and the project’s alignment with Benmark’s focus on well-located, high-quality developments amid Miami Beach’s evolving landscape.