J.P. Morgan Chase & Mack Real Estate Credit Strategies Provides $460M Loan For Sunny Isles Beach Condominium Tower
18501 Collins Avenue, Sunny Isles Beach, FL, USA, 18501 Collins Avenue, Sunny Isles Beach, FL, USA & 18501 Collins Avenue, Sunny Isles Beach, FL, USA
$460,000,000
$5,954/SF
Building Size
3,625 SF
Asset Type
—
Closing
Aug 8, 2019
About this deal
AI
A $460 million loan has been secured for a condominium tower located at 18501 Collins Avenue in Sunny Isles Beach. The loan was provided by J.P. Morgan Chase and Mack Real Estate Credit Strategies. The terms of the loan are five-year, floating-rate. The property has a total square footage of 70,000 and is situated in a prime market.
Summary of transaction details
- Property Type: Condominium tower
- Transaction Amount: $460,000,000
- Address: 18501 Collins Avenue
- Market: Sunny Isles Beach
- Lender: J.P. Morgan Chase & Mack Real Estate Credit Strategies
The loan transaction was facilitated by brokers Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, and Brett Wilburn from Newmark Knight Frank. They played a crucial role in connecting the borrower with the lender and ensuring the successful completion of the loan. Their expertise in the market and extensive network of contacts made this deal possible.
On the Map
$460,000,000
$5,954/SF
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Players
Sunny Isles Beach CRE Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93