Madison Realty Capital Provides $262M Construction Loan For Condo Development In Miami
50 NE 11th St, Miami, FL 33132, USA
$262,000,000
$618/SF
Building Size
423,555 SF
Asset Type
Condo
Closing
May 31, 2023
About this deal
AI
The property involved in this closed transaction is a condominium located at 50-90 NE 11th Street in Miami. The condo has a total square footage of 423,555.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $262,000,000
- Address: 50-90 NE 11th Street, Miami
- Market: Miami
The lender for this transaction was Madison Realty Capital, providing a construction loan. The landlord involved in the deal is PMG & E11EVEN Partners. The brokerage team representing the deal includes Christopher Peck, Chris Drew, Brian Gaswirth, Alex Staikos, and Jimmy Calvo from JLL.
Players
Miami Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93