Mission Capital Arranges $19M Acquisition, Renovation Loan for Mixed-Use Asset in Miami Beach

MIAMI BEACH, FLA. — Mission Capital Advisors has arranged $19 million in acquisition and renovation financing for the Variety Building, a 70-unit mixed-use building located at 1700 Alton Road in Miami Beach. The property will undergo renovations as the retail space is prepared for re-leasing and the residential component is converted to hospitality space. Jason Cohen, Jordan Ray, Ari Hirt and Axel DeAngelis of Mission Capital arranged the loan through Ladder Capital on behalf of the borrower, a joint venture between Springhouse Partners and Forte Capital Management. The property’s current tenant roster includes scooter dealer Vespa Miami.