David Martin Of Terra And Russell Galbut Of GFO Investments Secure $103.2M Loan For Five Park
500 Alton Road
$103,200,000
Building Size
—
Asset Type
Condo
Closing
Feb 28, 2025
About this deal
AI
The property asset involved in this transaction is a newly completed 48-story condo tower located at 500 Alton Road in Miami Beach. This condo is part of a project known as Five Park, which is associated with a total sellout value of $1 billion. Approximately 90% of the units have been sold, including a notable penthouse priced at $21 million.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $103,200,000
- Lender: Marc Rowan - Apollo Global Management
- Landlord: David Martin - Terra
- Landlord: Russell Galbut - GFO Investments
This transaction involved David Martin of Terra and Russell Galbut of GFO Investments, who secured a $103.2 million inventory loan from Apollo Global Management. The developers are currently finalizing sales and working on fulfilling city-approved public infrastructure projects.
On the Map
$103,200,000
Condo
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Players
Miami Beach Condo Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93