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710 Northeast 29th Street

David Martin Of Terra, Kevin Venger And Louis Birdman Of One Thousand Group Secure $285M Construction Loan For Villa Miami Residences
FINANCEDCondo

David Martin Of Terra, Kevin Venger And Louis Birdman Of One Thousand Group Secure $285M Construction Loan For Villa Miami Residences

710 Northeast 29th Street

$285,000,000

$952/SF

Building Size

299,200 SF

Asset Type

Condo

Closing

Dec 27, 2024

AI

The property asset involved in this transaction is a condominium located at Villa Miami Residences, 710 Northeast 29th Street, in the Miami market. It encompasses a total square footage of 299,200 and is designated for construction financing. The loan amount secured for this project is $285,000,000.

Summary of transaction details:

The deal features key individuals including the lender, Adi Chugh, representing TYKO Capital. Additionally, the landlords involved are David Martin from Terra and the group consisting of Kevin Venger and Louis Birdman associated with One Thousand Group and Major Food Group. The brokers facilitating this transaction include Keith Kurland, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Jordan Casella, and Christopher de Raet from Walker & Dunlop.

Players

Aaron Appel

Walker & Dunlop

Broker

$32.5B

vol

195 deals

Broker
TYKO Capital
TYKO CapitalLender

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