Updated Dec 4, 2024
East Capital Partners And ViletCo Enterprises Secure $26M Construction Loan In Hialeah
16300 Northwest 97th Avenue
$26,000,000
Building Size
—
Asset Type
Development Site
Closing
Jun 25, 2024
About this deal
AI
The development site located at 16300 Northwest 97th Avenue in Hialeah spans 9.4 acres. The property, a 170,000-square-foot spec warehouse, is the focus of a construction project set to be completed by April 2025. FirstBank Florida provided a $26 million construction loan for this development. Drew T. DeWitt of East Capital Partners and Klaas F. Vlietstra of ViletCo Enterprises are the landlords involved in this transaction.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $26,000,000
- Address: 16300 Northwest 97th Avenue
- Market: Hialeah
- Loan Type: Construction Loan
- Lender: FirstBank Florida
- Landlords: Drew T. DeWitt - East Capital Partners; Klaas F. Vlietstra - ViletCo Enterprises
East Capital Partners and ViletCo Enterprises secured the $26 million construction loan from FirstBank Florida for the development of the warehouse. The developers acquired the property for $12.95 million in 2022 and engaged Miller Construction as the general contractor for the project.
On the Map
$26,000,000
Development Site
View full map
Players
Hialeah Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.61%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93