February 2, 2022 9:00 AM
On behalf of Deco Capital and RWN Real Estate Partners, Newmark has arranged $60 million in financing for the construction of Eighteen Sunset, an ultra-exclusive, boutique mixed-use development in the Sunset Harbour neighborhood of South Beach, Florida.
The property will offer approximately 40,000 square feet of office, 17,000 square feet of retail and an expansive residential penthouse. Upon completion, Eighteen Sunset will offer a rare 250 feet of linear frontage on the waterfront in Miami Beach, providing unobstructed western views of downtown Miami from one of Miami’s most sought-after neighborhoods.
The Newmark team was led by Dustin Stolly and Jordan Roeschlaub, Nick Scribani, Chris Kramer, Daniel Matz and Dan Morin. City National Bank provided the loan.
Led by Bradley Colmer, Deco Capital assembled the premier development site through a series of all-cash acquisitions between 2014 – 2018. The developer then secured approvals from the city and community for the density and additional height. The building is intentionally designed with a low-impact, elegant façade profile, mimicking how the sea naturally recedes in relation to the shoreline, with a yacht’s sleek and technical lines.
Eighteen Sunset is among the best remaining development sites in Miami Beach, an area starved for high-end commercial space. The office component is designed to be the most exclusive new commercial space in the country. With an unprecedented outdoor and indoor space ratio office users will enjoy an abundance of dedicated outdoor workspace. The lack of competitive supply, coupled with the neighborhood amenities, ground-floor experiential retail and Class-A+ design and finishes, will set Eighteen Sunset apart from other office projects throughout the region and beyond.
“Eighteen Sunset will offer both the Miami Beach lifestyle and direct connectivity to Downtown Miami, not to mention cutting edge design,” Stolly commented. “Miami Beach has been starved of office product of this nature, and Deco and RWN will now have highly accretive financing in place to deliver on this bespoke product,” Roeschlaub added.
Deco Capital Group is a unique real estate development and investment firm creating transformative projects in urban-driven growth markets with high barriers to entry. The company and its principals pride themselves on the highest execution level in complex strategies, emphasizing problem-solving, precision and data-driven analysis to drive investment returns. Deco commands expertise in boutique residential, commercial and hospitality development.
Founded in 2011, RWN Real Estate Partners is an NYC-based real estate private equity platform led by Ari Shalam that invests across high-growth urban markets across the United States. Deco and RWN have worked together on numerous projects and have completed acquisitions and financings of well over $150,000,000 in Miami and Miami Beach alone.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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