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Mast Capital Acquires Condo In Miami For $600M Construction Loan

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FINANCED
$600,000,000

Florida

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Condo4,105 SF
Financed 02/05/2024
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Property Image
FINANCED

Mast Capital Acquires Condo In Miami For $600M Construction Loan

1420 South Miami Avenue

See Similar Deals
Condo4,105 SF
Financed 02/05/2024
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Summary

FLORIDA
Asset Type:Condo
Price Per Square Foot:$146,163
Total Square Footage:4,105 SF
Transaction Type:Loan

The property involved in this loan transaction is a Condo with 4,105 units located at 1420 South Miami Avenue in Miami. The loan amount for this transaction is $600,000,000, and it is classified as a Construction Loan.

Summary of transation details

The loan transaction involves multiple parties. The lender for this transaction is Javier Foncerrada Izquierdo from Banco Inbursa. Additionally, Russell Gimelstob, Alex Halpern, and Eric Calder from Ascendant Capital Partners are also involved in the lending process. On the other hand, Camilo Miguel Jr. and Jordan Kornberg represent the landlord, Mast Capital, in this deal. The landlord's representatives are Jordan Roeschlaub, Nick Scribani, and Dustin Stolly from Newmark.

Players

Dustin Stolly
267 deals$49.4B volume
BROKER

Nick Scribani
Newmark
193 deals$55.3B volume(212) 372-2113
BROKER

Jordan (Jordy) Roeschlaub
Newmark
324 deals$97.5B volume
BROKER

Banco Inbursa
LENDER

Details

FINANCED
IMAGE: Alex Halpern, Russell Gimelstob, Jordan Roeschlaub, Nick Scribani, Dustin Stolly, Javier Foncerrada Izquierdo, Camilo Miguel Jr., Eric Calder & Jordan Kornberg DATE: 02/05/2024 ADDRESS: 1420 South Miami Avenue MARKET: Miami ASSET TYPE: Condo ~ UNITS: 4,105 LENDER: Javier Foncerrada Izquierdo - Banco Inbursa (@Inbursa); Russell Gimelstob, Alex Halpern (@Alex_Halpern) & Eric Calder - Ascendant Capital Partners LANDLORD: Camilo Miguel Jr. & Jordan Kornberg - Mast Capital (@MastCapital) LANDLORD'S REP: Jordan Roeschlaub (@JordyRoeschlaub), Nick Scribani (@ScribSays) & Dustin Stolly - Newmark (@Newmark) LOAN AMOUNT: $600,000,000 LOAN TYPE: Construction Loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$600,000,000.00

Monthly NOI$4,000,000.00
Monthly Debt Service$3,792,408.14
Change in Cash Flow$0.00
Refinance Proceeds$0.00