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Bridge Industrial Secures $53 Million Construction Loan From CDPQ For Industrial Redevelopment In Miami
FINANCED
$53,000,000
Florida
See Similar DealsDevelopment Site
Financed 09/24/2024
FINANCED
Bridge Industrial Secures $53 Million Construction Loan From CDPQ For Industrial Redevelopment In Miami
11690 Northwest 105th Street
See Similar DealsDevelopment Site
Financed 09/24/2024
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$53,000,000.00
Monthly NOI$353,333.33
Monthly Debt Service$334,996.05
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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