J.P. Morgan Chase & Mack Real Estate Credit Strategies Provides $460M Loan For Sunny Isles Beach Condominium Tower
FINANCED
$460,000,000
+ 2
Florida
See Similar Deals77,250 SF
Financed 08/09/2019
FINANCED
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
See Similar Deals77,250 SF
Financed 08/09/2019
+ 2
Summary
FLORIDA
Price Per Square Foot:$5,954
Total Square Footage:77,250 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$460,000,000.00
Monthly NOI$3,066,666.67
Monthly Debt Service$2,907,512.91
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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