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FAQ: $117 Million Financing for NoLi Lincoln Road Redevelopment in Miami Beach
TL;DR
Comras Company secured $117 million financing to acquire Lincoln Road properties, creating first-mover advantage in developing NoLi's premium retail destination before competitors.
Ackerman & Co arranged $117 million financing for Comras to acquire five buildings totaling 150,000 square feet for redevelopment into 40+ retail spaces by Q1 2027.
The NoLi redevelopment combined with $30 million in city streetscape upgrades will create vibrant public spaces with improved lighting and expanded sidewalks for community enjoyment.
Lincoln Road's transformation into NoLi will feature a curated blend of boutique retail, dining, and wellness concepts across five newly acquired historic buildings.
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NoLi is a newly curated retail, dining and lifestyle destination being developed along Lincoln Road in Miami Beach, involving the renovation of five buildings to create more than 40 inline retail spaces for boutique retail, dining, wellness and lifestyle concepts.
Ackerman & Co. secured $117 million in financing for Comras Company, with Jonathan Rice, Executive Vice President of Capital Markets for Ackerman & Co., arranging the financing with ACORE Capital.
The project is planned to open in the first quarter of 2027.
The development spans five buildings at 600-612, 719-737, 741 and 801 Lincoln Road and 723 N. Lincoln Lane in Miami Beach, totaling 150,000 square feet along the Lincoln Road pedestrian mall.
Comras Company is a boutique real estate development and leasing firm founded in 1992 by Michael Comras, known for transforming South Florida's commercial districts including Lincoln Road, Wynwood, Miami Design District, and completing projects like the CocoWalk redevelopment in Coconut Grove.
Lincoln Road will benefit from almost $30 million in city-funded streetscape upgrades including fresh landscaping, additional outdoor seating, improved lighting and expanded sidewalks.
The development will feature a curated blend of boutique retail, dining, wellness and lifestyle concepts across more than 40 inline retail spaces.
Comras acquired the five buildings from affiliates of Morgan Stanley and Terranova Corp.
Ackerman & Co. is a full-service commercial real estate firm headquartered in Atlanta, founded in 1967, with expertise in investment, brokerage, management and development services, having developed and acquired 44 million square feet of various property types.
More information about Ackerman & Co. can be found at www.ackermanco.com
Curated from 24-7 Press Release
