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:
- Property Type: Condo
- Transaction Amount: $285,000,000
- Lender: Adi Chugh - TYKO Capital
- Landlord: David Martin - Terra; Kevin Venger & Louis Birdman - One Thousand Group & Major Food Group
- Brokers: Keith Kurland, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Jordan Casella & Christopher de Raet - Walker & Dunlop
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
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