Merrimac and BH3 Take Ownership of Watson Island Site Off Downtown Miami

Excerpt from Commercial Observer Website: Watson Island, a prime publicly owned enclave between Downtown Miami and South Beach, may finally be getting a makeover.

A joint venture between BH3 Management and Merrimac Ventures purchased the 75-year ground lease for a 10.8-acre parcel on the island from Flagstone Property Group. The pair declined to disclose the financial terms of the deal, but it’s likely valued at over $50 million. Property records show that BH3 secured a loan for the leasehold agreement for that amount from Maxim Capital Group.

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