Valerio Morabito & Ugo Colombo Secure $64.5M Construction Loan In Bay Harbor Islands
1135 103rd Street, Bay Harbor Islands, Florida 33154, United States
$64,500,000
Units
41
Asset Type
—
Closing
Jun 14, 2022
About this deal
AI
A construction loan has been secured for a condominium development in Bay Harbor Islands. The property, located at 1135 103rd Street, consists of 41 units. The borrower, CMC Group and Morabito Properties, will use the loan to fund the construction of the project.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $64,500,000
- Address: 1135 103rd Street
- Market: Bay Harbor Islands
- Units: 41
The lender of the construction loan is Bank OZK. The project is being developed by CMC Group, represented by Ugo Colombo, and Morabito Properties, represented by Valerio Morabito. The loan will provide the necessary funds for the construction of the condominium development in Bay Harbor Islands.
Players
Bay Harbor Islands CRE Market Snapshot
Boundary boundary · CRE · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93