Bridge Industrial Secures $53 Million Construction Loan From CDPQ For Industrial Redevelopment In Miami
11690 Northwest 105th Street
$53,000,000
Building Size
—
Asset Type
Development Site
Closing
Sep 24, 2024
AI
The asset involved in this transaction is a development site located at 11690 Northwest 105th Street in Miami. The property encompasses 16.8 acres and will feature a total built square footage of 326,448, becoming part of the Bridge Point Flagler Station industrial complex following redevelopment.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $53,000,000
- Lender: CDPQ
- Landlord: Bridge Industrial
- Brokers: Bill Jurjovec & Steve Roth - CBRE
- Loan Type: Construction
- Completion Date: Q3 2025
Bill Jurjovec and Steve Roth from CBRE's Debt & Structured Finance team arranged the construction loan secured by Bridge Industrial to facilitate the redevelopment of Ryder System's former headquarters. The project will consist of two buildings, designed with various amenities including dock doors and drive-in access for operational efficiency.
Players
Medley 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
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93