Bank OZK Provides $45M Construction Loan For 228-Unit Condo In Miami
3100 Northeast 1st Avenue
$45,045,000
Units
228
Asset Type
Condo
Closing
Nov 24, 2023
About this deal
AI
The property involved in this transaction is a condo located at 3100 Northeast 1st Avenue in Miami. It consists of 228 units and is being developed by Carlos Rosso of Rosso Development and Midtown Development. The loan for this project has been provided by Bank OZK in the form of a construction loan in the amount of $45,045,000.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $45,045,000
- Address: 3100 Northeast 1st Avenue
- Market: Miami
- Units: 228
- Lender: Bank OZK
- Developers: Carlos Rosso - Rosso Development & Midtown Development
In this deal, the developer's representatives are Brian Gaswirth and Jimmy Calvo from JLL. They have played a crucial role in facilitating the loan and ensuring the smooth progress of the project.
On the Map
$45,045,000
Condo
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Players
Miami Condo Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.35%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93