$28,500,000 Refinance Secured for Retail Property in Miami, FL
May 20, 2026 CMBS
Deal Summary
Starwood Mortgage Capital provided a $28.5 million loan secured by two historic retail buildings at 33 NE 1st Street and 39 NE 1st Avenue in downtown Miami's Flagler district, totaling approximately 23,000 square feet, according to public records. Igal Haimov signed as manager for the borrower entities.
Starwood Mortgage Capital is a conduit originator, consistent with a CMBS execution on the long held downtown holdings, buildings dating to 1910 and 1925 in the heart of the Flagler Street corridor.
Downtown Miami's historic core has been repositioning around the residential population boom on its doorstep, and long tenured retail owners are increasingly able to monetize through refinancing at valuations the corridor could not have supported a decade ago.
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Market Notes
CMBS remains the natural home for long held, high cash flow retail where the owner wants maximum proceeds and a fixed rate without recourse. The trade is flexibility: defeasance and servicing standards make conduit debt unforgiving for owners with sale or redevelopment plans inside the loan term. The execution choice should follow the ten year plan for the asset, not the other way around.
Transaction Details
- Closing Date
- May 20, 2026
- Loan Amount
- $28,500,000
- Loan Type
- CMBS
- Loan Purpose
- Refinance
- Capital Type
- Senior Debt
- Asset Type
- Retail
- Source
- Public records
Property
- Property Name
- Flagler District Retail Pair
- Address
- 33 NE 1st St & 39 NE 1st Ave
- City, State
- Miami, FL
- Market
- Miami / South Florida
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Transaction details are compiled from public announcements, press releases, industry reporting, or information submitted by parties to the transaction, and have not been independently verified by LoanList CRE. Terms shown may be approximate. Nothing on this page constitutes a quote, offer, or guarantee of financing terms. Full disclaimer.