Urban Network Capital Group Secures $24.5M Construction Loan For Miami Development Site
1120 Southwest 3rd Avenue, 1130 Southwest 3rd Avenue & 1136 Southwest 3rd Avenue
$24,500,000
$573/SF
Building Size
42,750 SF
Asset Type
Development Site
Closing
Dec 20, 2023
AI
A development site located at 1120, 1130 & 1136 Southwest Third Avenue in Miami has been involved in a recent transaction. The site spans approximately 14,250 square feet and has a buildable square footage (BSF) of 81,560. The transaction took place on December 20, 2023.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $24,500,000
- Market: Miami
- BSF: 81,560
- SF: 14,250
The lender involved in this transaction is Rok Lending. The loan provided for this development project is a construction loan with a loan amount of $24,500,000. The loan terms specify a non-recourse acquisition and construction loan for a 111-unit condominium development. Keegan Burger and David Larson from Concord Summit Capital served as brokers in this deal, representing the lender.
The developer behind this project is Urban Network Capital Group (UNCG), led by Robert Thorne.
Players
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.65%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93