Cymbal Development of Miami paid $2 million last week to acquire the mortgage and note on property in the Miami Design District.
Compass Bank was the previous holder of the mortgage and note valued at $10.5 million. Cymbal has development plans for the 49,500 square feet of land at 34-90 NE 41st St. and 81 NE 40th St.
The acquisition is part of President Asi Cymbal’s ongoing focus on the Design District. He already owns Sra. Martinez restaurant with Chef Michelle Bernstein and Bardot, a new bar. Cymbal also developed and owns Midtown Center, a retail and office complex at 3452-3470 N. Miami Ave.
‘‘We believe it’s the perfect time to get into the Design District and take it to the next level,’’ Cymbal said.