Updated Oct 28, 2024
Thorofare Capital Provides $16.3M Loan For Miami Development Site On East Flagler Street
129 East Flagler Street, Miami, Florida 33131, United States
$16,300,000
$182/SF
Building Size
89,533 SF
Asset Type
Development Site
Closing
Feb 3, 2022
About this deal
AI
A development site located at 129, 133-139 & 141 East Flagler Street in Miami has secured a loan of $16,300,000. The property is spread across 0.75 acres and offers a total of 89,533 square feet. The loan was obtained from Thorofare Capital, Inc, with David Perlman, Denis Barreto, and Paul Hachigian representing the lending company. Moishe Mana, the landlord of Mana Common, facilitated the transaction.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $16,300,000
- Address: 129, 133-139 & 141 East Flagler Street, Miami
- Market: Miami
- Size: 89,533 square feet
- Acres: 0.75
David Perlman, Denis Barreto, and Paul Hachigian acted as representatives from Thorofare Capital, Inc. in the loan agreement. Moishe Mana, the landlord of Mana Common, played a crucial role in facilitating the transaction.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.97%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93