Drake Real Estate Partners Refinances Miami Land For $19.5M
FINANCED
$19,500,000
+ 2
Florida
See Similar Deals518,614 SF
Financed 11/01/2021
FINANCED
Drake Real Estate Partners Refinances Miami Land For $19.5M
17707 Northwest Miami Court, Miami, FL, USA
See Similar Deals518,614 SF
Financed 11/01/2021
+ 2
Summary
FLORIDA
Price Per Square Foot:$37
Total Square Footage:518,614 SF
Transaction Type:Loan
The land located at 17707 NW Miami Court in Miami, with a total of 12 acres, was recently involved in a refinancing deal.
Summary of transaction details
- Property Type: Land
- Transaction Amount: $19,500,000
- Date: 11/01/2021
- Lender: Thorofare Capital
- Landlord: Drake Real Estate Partners; Relentless Capital - Evan Seiden
- Brokers: Dustin Stolly, Jordan Roeshlaub, Daniel Fromm, Danny Matz & Eden Abraham - Newmark
- Loan Type: Refinancing
- Loan Terms: Floating-rate loan
The refinancing deal for the land was facilitated by Thorofare Capital, with Dustin Stolly, Jordan Roeshlaub, Daniel Fromm, Danny Matz, and Eden Abraham of Newmark representing the various parties involved in the transaction. The loan amount granted was $19,500,000, and the terms of the loan are floating-rate.
Players
LENDER
LANDLORD
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$19,500,000.00
Monthly NOI$130,000.00
Monthly Debt Service$123,253.26
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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