Maxim Capital Group Provides $28.25M Loan For Miami Beach Development Site
FINANCED
$28,250,000
Florida
See Similar DealsDevelopment Site120,000 SF
Financed 03/06/2022
FINANCED
Maxim Capital Group Provides $28.25M Loan For Miami Beach Development Site
1656-1680 Alton Road, Miami Beach, FL 33139, USA & 1677 West Ave, Miami Beach, FL 33139, USA
See Similar DealsDevelopment Site120,000 SF
Financed 03/06/2022
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$235
Total Square Footage:120,000 SF
Transaction Type:Loan
A loan of $28,250,000 was secured for the acquisition of a development site located at 1656-1680 Alton Road & 1677 West Ave in Miami Beach. The site spans a total square footage of 60,000 and is owned by SHVO, represented by Michael Shvo. The loan was provided by Maxim Capital Group, with Adam Glick serving as the lender's representative. The brokers involved in the transaction were Aaron Appel and Michael Diaz, who represented Walker & Dunlop.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $28,250,000
- Address: 1656-1680 Alton Road & 1677 West Ave, Miami Beach
- Market: Miami Beach
- Asset Type: Development Site
- Lot Square Footage: 60,000
Adam Glick, the representative for Maxim Capital Group, played a key role in securing the loan for the acquisition. Meanwhile, Michael Shvo served as the representative for SHVO, the landlord of the property. The deal was facilitated by brokers Aaron Appel and Michael Diaz, who represented Walker & Dunlop.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$28,250,000.00
Monthly NOI$188,333.33
Monthly Debt Service$178,559.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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