Updated Oct 29, 2024
Miami Worldcenter Secures $26.1M Construction Loan From Banco Inbursa For D-East Retail Project
1016 Northeast Second Avenue Miami, Florida 33132, USA
$26,100,000
Building Size
—
Asset Type
Development Site
Closing
Jul 6, 2023
About this deal
AI
Miami Worldcenter has obtained a $26.1 million loan from Banco Inbursa for the completion of its retail project, D-East. The development is located at 1016 Northeast Second Avenue in Downtown Miami and spans 27 acres. The project includes 54,000 square feet of retail space and a parking garage. It is set to feature high-end gym Club Studio as its first tenant.
Summary of transaction details:
- Property Type: Development Site
- Loan Amount: $26,100,000
- Loan Type: Construction
- Address: 1016 Northeast Second Avenue
- Market: Downtown Miami
- Acreage: 27 acres
- Lender: Banco Inbursa
- Landlord: MWC Retail LLC & MWC Garage LLC
Banco Inbursa has provided the loan to Miami Worldcenter for the completion of the retail project. The development site, located in Downtown Miami, is expected to enhance the retail offerings in the area with its 54,000 square feet of space. MWC Retail LLC & MWC Garage LLC are the landlords involved in the deal, representing the ownership of the property.
Players
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.61%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93