Drake Real Estate Partners Refinances Miami Land For $19.5M
17707 Northwest Miami Court, Miami, FL, USA
$19,500,000
$37/SF
Building Size
518,614 SF
Asset Type
—
Closing
Nov 1, 2021
About this deal
AI
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.
On the Map
$19,500,000
$37/SF
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.81%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93