S3 Capital provided a $19.5 million construction loan to New York-based developer Trinity Southern for an eight-story waterfront condominium development in Miami Beach, Commercial Observer reported. The project, named Twenty Nine Indian Creek, sits at 2901 Indian Creek Drive in the Mid-Beach neighborhood near the Miami Beach Edition hotel.
In tandem with the loan closing, Trinity Southern completed the purchase of the 15,000-square-foot parcel for $8 million from JMH Development, another New York-based firm that initially proposed the project. Ground has broken on the boutique property following the simultaneous land transfer and financing package.
What happened
According to filings submitted to Miami-Dade County, Twenty Nine Indian Creek will include 16 residential units, 24,842 square feet of sellable space, and an integrated parking garage.
Dana Lozito, who leads Trinity Southern, confirmed to Commercial Observer that buyers have contracted for 10 of the 16 planned units ahead of vertical construction. The closing reflects active debt commitments for boutique residential projects across South Florida.
What it changes for a closing
Simultaneous transactions combining an $8 million land purchase and a $19.5 million construction loan require precise coordination between title agents, municipal recording offices, and multiple New York and Florida legal teams. The settlement process requires deed delivery from the seller to occur in exact alignment with the recordation of mortgage liens for S3 Capital.
With 10 of 16 units already pre-sold, closing teams must also manage purchase contract escrow accounts and align pre-sale deposit verifications with construction loan disbursement schedules. Verifying unit presale documentation ensures compliance with lender conditions precedent before the first vertical draw is funded.