Florida Credit Union Refinances Loan On Special Purpose Property In Miami River For $16.5M
1884 Northwest North River Drive, Miami, Florida 33125, United States
$16,500,000
$1,564/SF
Building Size
10,546 SF
Asset Type
—
Closing
Mar 17, 2022
About this deal
AI
Located in the Miami River market, the special purpose property at 1884 NW N River Dr has recently undergone a refinancing transaction. The property spans across 9.25 acres and is owned by Zerby Interests. The loan for this transaction was provided by Florida Credit Union, amounting to $16,500,000. The brokers involved in this deal were Scott Wadler and Alec Fox from Berkadia.
Summary of transaction details
- Property Type: Special Purpose
- Transaction Amount: $16,500,000
- Address: 1884 NW N River Dr
- Market: Miami River
- Landlord: Zerby Interests
- Brokers: Scott Wadler & Alec Fox - Berkadia
It's worth noting that this refinancing deal showcases the involvement of Scott Wadler and Alec Fox, who represent Berkadia in this transaction.
Players
Miami 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
0.96%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93