In Miami Beach, a New York developer achieved what might be the holy grail of real estate finance: nabbing a loan backed by a land assemblage for more than the land cost.
In the deal that closed June 15, a company tied to New York-based JDS Development Group received a $46.8 million mortgage from a secretive lender using a Delaware corporation. JDS used those receipts to fund a $41.9 million acquisition.
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