Madison Realty Capital Provides $76M Construction Loan For Miami Condo Development
225 North Miami Avenue, Miami, Florida 33128, United States
$76,000,000
$5,066/SF
Building Size
15,000 SF
Asset Type
—
Closing
Jul 6, 2022
About this deal
AI
The property involved in the transaction is a condo located at 225 North Miami Avenue in Miami. It has a total area of 15,000 square feet and consists of 343 units. The transaction took place on 07/07/2022.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $76,000,000
- Units: 343
Madison Realty Capital provided a construction loan of $76,000,000 for the property.
The landlord involved in the transaction is The Related Group, represented by Eric Fordin. Other representatives of the landlord include Oscar Rodriguez and Ricardo Vadia from ROVR Development, as well as BH Group.
Additionally, Josh Zegen from Madison Realty Capital acted as the lender in the deal.
Players
Miami CRE Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93