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The Estate Cos. Obtains $100M Construction Loan For Soleste On The Bay In North Miami Beach
FINANCED
California
See Similar DealsDevelopment Site
Financed 08/23/2023
FINANCED
The Estate Cos. Obtains $100M Construction Loan For Soleste On The Bay In North Miami Beach
16375 Biscayne Blvd Aventura, FL 33160, USA
See Similar DealsDevelopment Site
Financed 08/23/2023
Summary
CALIFORNIA
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a development site located at 16375 Biscayne Boulevard in North Miami Beach. It spans 2.15 acres and is set to support the construction of the 363-unit Soleste on the Bay project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $100,000,000
- Lender: U.S. Bank
- Landlord: The Estate Cos. - Robert Suris & Jeffrey Ardizon
- Loan Type: Construction Loan
This transaction involves key players including The Estate Cos., represented by Robert Suris and Jeffrey Ardizon, who are managing the financing for the development project. U.S. Bank is identified as the lender facilitating the $100 million construction loan.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$100,000,000.00
Monthly NOI$666,666.67
Monthly Debt Service$632,068.02
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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