Updated Dec 4, 2024
Alta Developers Secures $68M Construction Loan From Forman Capital For Miami Condo Tower
1428 Northwest 14th Avenue
$68,000,000
$164/SF
Building Size
414,102 SF
Asset Type
Development Site
Closing
Apr 30, 2024
About this deal
AI
The development site located at 1428 Northwest 14th Avenue in Miami, spanning 414,102 square feet with an area of 1.26 acres, has secured a $68 million construction loan from Forman Capital. The loan will finance the construction of River District 14, a 16-story condominium tower, which will include 283 units and various amenities like a fitness center, business center, and a pool on an amenity deck.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $68,000,000
- Market: Miami
- Lender: Ben Jacobson - Forman Capital
- Landlord: Henry Pino - Alta Developers
- Asset Size: 414,102 SF
- Acres: 1.26
Miami developer Henry Pino of Alta Developers is the landlord of the property, while Ben Jacobson from Forman Capital acted as the lender, providing the $68 million construction loan. The financing will enable the construction of the 16-story condominium tower known as River District 14, enhancing Miami's real estate landscape with 283 modern residential units and a range of essential amenities for future residents.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93