FirstBank, a leading boutique bank offering an extensive suite of services for personal and professional financial requirements, awarded a $22,250,000 construction loan to Saber 1800 Alton LLC, to finance the development of a retail project with 32,491 square feet of leasable space, 70 percent of which is leased by anchor tenant Michaels, located in Miami Beach.
Formerly the site of a gas station, 1824 Alton Road marks the entrance to South Beach. Saber 1800 Alton, LLC, purchased the land in 2015 and shortly thereafter secured Michaels, the largest arts and crafts retailer in North America, as a strong credit tenant to occupy 22,492 square feet of its new retail building designed by architect Kobi Karp. The development is the only new project in the walkable Sunset Harbor sub-community of Miami Beach visible from Alton Road. During the loan transaction, Shutts & Bowen represented FirstBank, and Bilzin Sumberg represented the borrower.
