Updated Nov 17, 2023
Related Group And BH Group Secure 99-Year Ground Lease For Development Site In Riviera Beach
190 East 13th Street Riviera Beach, Florida 33404, Usa
Building Size
—
Asset Type
Development Site
Closing
Jun 14, 2023
About this deal
AI
Related Group and BH Group have secured a 99-year ground lease for a development site in Riviera Beach's Marina Village. The site, located at 190 East 13th Street, spans 90 acres and will be used to develop two 20-story buildings with 424 apartments and retail space. The project, set for completion in 2024, is part of Related Group and BH Group's ongoing pipeline and will include affordable units.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: N/A
- Market: Riviera Beach
- Address: 190 East 13th Street
- Acres: 90
The lease was brokered by JLL on behalf of the parties involved, including Jorge Pérez, Jon Paul Pérez, and Nick Pérez representing Related Group, and Liat and Issac Toledano representing BH Group.
Players
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Lease transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93