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Richard Rafuls Of Rafuls & Associates Secures $10.55M Construction Loan For Development Site In Miami Gardens
FINANCED
$10,550,000
Florida
See Similar DealsDevelopment Site
Financed 09/25/2025
FINANCED
Richard Rafuls Of Rafuls & Associates Secures $10.55M Construction Loan For Development Site In Miami Gardens
15582 Northwest 47th Avenue
See Similar DealsDevelopment Site
Financed 09/25/2025
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a development site located at 15582 Northwest 47th Avenue in Miami Gardens, with an area of 2.6 acres. A construction loan was secured for the amount of $10,550,000 for a project on this site.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $10,550,000
- Lender: Ocean Bank
- Landlord: Richard Rafuls - Rafuls & Associates Construction Corp
- Asset Address: 15582 Northwest 47th Avenue
- Market: Miami Gardens
- Purchase Price: $3.6 million
- Year of Purchase: 2024
Richard Rafuls, leading Vista View Apartments LLC, is overseeing the construction of a 60-unit complex on the property following the acquisition of the loan from Ocean Bank. Rafuls & Associates Construction Corp is integral to the development endeavor at the site.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$10,550,000.00
Monthly NOI$70,333.33
Monthly Debt Service$66,683.18
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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