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Newmark Represents Aria Development Group In $95M Construction Loan For Miami Condo

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FINANCED
$95,000,000
Dustin Stolly
Jordan (Jordy) Roeschlaub
+ 1

Florida

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Condo345,146 SF
Financed 02/02/2024
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Property Image
FINANCED

Newmark Represents Aria Development Group In $95M Construction Loan For Miami Condo

600 Northeast 1st Avenue

See Similar Deals
Condo345,146 SF
Financed 02/02/2024
Dustin Stolly
Jordan (Jordy) Roeschlaub
+ 1
Contact now

Summary

FLORIDA
Asset Type:Condo
Price Per Square Foot:$275
Total Square Footage:345,146 SF
Transaction Type:Loan

The property involved in the transaction is a condo located at 600 Northeast 1st Avenue in Miami. It has a square footage of 345,146. The loan for this property was provided by Javier Foncerrada Izquierdo, representing Banco Inbursa. The landlord of the property is David Arditi from Aria Development Group, along with Dev Motwani and Nitin Motwani from Merrimac Ventures.

Summary of transaction details:

  • Property Type: Condo
  • Transaction Amount: $95,000,000
  • Lender: Javier Foncerrada Izquierdo - Banco Inbursa
  • Landlord: David Arditi - Aria Development Group; Dev Motwani & Nitin Motwani - Merrimac Ventures

The construction loan amount for this transaction is $95,000,000. The deal involves Jordan Roeschlaub, Dustin Stolly, Nick Scribani, and Daniel Matz from Newmark representing the landlord.

Players

Dustin Stolly
264 deals$49.1B volume
BROKER

Nick Scribani
Newmark
191 deals$55.1B volume(212) 372-2113
BROKER

Danny Matz
Newmark
28 deals$3.3B volume
BROKER

Jordan (Jordy) Roeschlaub
Newmark
321 deals$96.2B volume
BROKER

Banco Inbursa
LENDER

Details

FINANCED
IMAGE: Nitin Motwani, Dev Motwani, Jordan Roeschlaub, Nick Scribani, Dustin Stolly, Javier Foncerrada Izquierdo, David Arditi & Daniel Matz DATE: 02/02/2024 ADDRESS: 600 Northeast 1st Avenue MARKET: Miami ASSET TYPE: Condo ~ SF: 345,146 LENDER: Javier Foncerrada Izquierdo - Banco Inbursa (@Inbursa) LANDLORD: David Arditi - Aria Development Group; Dev Motwani (@Motown_Fll) & Nitin Motwani - Merrimac Ventures LANDLORD'S REP: Jordan Roeschlaub (@JordyRoeschlaub), Dustin Stolly, Nick Scribani (@ScribSays) & Daniel Matz (@MatzyPants) - Newmark (@Newmark) LOAN AMOUNT: $95,000,000 LOAN TYPE: Construction Loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$95,000,000.00

Monthly NOI$633,333.33
Monthly Debt Service$600,464.62
Change in Cash Flow$0.00
Refinance Proceeds$0.00