Wintrust Bank Provides $17.5M Land/Pre-Development Loan For Brickell Development Site
FINANCED
$17,500,000
Florida
See Similar DealsDevelopment Site
Financed 11/10/2022
FINANCED
Wintrust Bank Provides $17.5M Land/Pre-Development Loan For Brickell Development Site
128 Southwest 7th Street
See Similar DealsDevelopment Site
Financed 11/10/2022
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Loan
A development site located at 128 SW 7th St in the Brickell neighborhood of Miami has successfully closed a loan transaction. The asset, owned by Focus Development represented by Vicky Lee, George Jalil, and Tim Anderson, attracted financing from Wintrust Bank. The loan amount for this transaction was $17,500,000, and it was categorized as a Land / Pre-Development Loan.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $17,500,000
- Lender: Wintrust Bank
- Landlord: Focus Development - Vicky Lee, George Jalil & Tim Anderson
- Broker: Michael Stepniewski - Walker & Dunlop
Michael Stepniewski, representing Walker & Dunlop, played a crucial role as the broker in this deal. Their expertise and negotiation skills facilitated the successful loan transaction between Focus Development and Wintrust Bank for the development site at 128 SW 7th St in Brickell, Miami.
Players
LENDER
LANDLORD
LANDLORD
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$17,500,000.00
Monthly NOI$116,666.67
Monthly Debt Service$110,611.90
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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