Updated Feb 16, 2024
Kushner Companies & Block Capital Group Secure $80M Loan For Wynwood Development Site
127 Northwest 27th Street, Wynwood, Miami, FL, USA
$80,000,000
$14,159/SF
Building Size
5,650 SF
Asset Type
Development Site
Closing
Mar 10, 2021
About this deal
AI
A development site located at 127 Northwest 27th Street and 129 Northwest 26th Street in Wynwood has secured a loan of $80,000,000. The property spans across 1.5 acres and is owned by Kushner Companies, specifically Charles Kushner and Laurent Morali, along with Block Capital Group represented by Martin Miculitzki.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $80,000,000
- Address: 127 Northwest 27th Street and 129 Northwest 26th Street
- Market: Wynwood
- Landlord: Kushner Companies - Charles Kushner & Laurent Morali, Block Capital Group - Martin Miculitzki
- Lender: Axos Bank & Fortress
The loan was provided by Axos Bank and Fortress. Axos Bank is a leading digital bank while Fortress is a reputable financial institution. The decision to secure a loan indicates the intent to finance the development of the site, suggesting potential future construction projects or improvements to maximize its value.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93