Bank Of America Provides $43 Million Construction Loan For Luxury Home Development In Miami

This transaction involves a construction loan for land designated for development, specifically aimed at the construction of luxury homes in the Miami market. The loan amount totals $43,000,000, provided by Bank of America, with specific lending terms set at SOFR + 3.15% and a loan-to-cost ratio of 80%.

Summary of transaction details:

• Property Type: Land
• Transaction Amount: $43,000,000
• Lender: Bank of America
• Loan Type: Construction
• Loan Terms: SOFR + 3.15%
• LTC: 80%

The brokers representing the transaction are Eliezer Finkel and Rael Gervis from Meridian Capital Group. They facilitated this ground-up construction loan, specifically tailored for speculative luxury homes, highlighting the strategic intent behind the financing arrangement.