Bank OZK Provides $119M Loan For Development Site In Sunny Isles Beach
18801 Collins Ave, Sunny Isles Beach, FL 33160, USA
$119,000,000
$103/SF
Building Size
1,150,000 SF
Asset Type
Development Site
Closing
May 3, 2020
AI
A development site located at 18801 Collins Avenue in Sunny Isles Beach has been involved in a closed transaction. The property, owned by Fortune International Group and Château Group, was the subject of a deal facilitated by brokers Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, and Edgardo Defortuna.
Summary of transaction details
- Property Type: Development site
- Loan Amount: $119,000,000
- Units: 490
- Building Square Footage: 1,150,000
- Address: 18801 Collins Avenue
- Market: Sunny Isles Beach
The lenders involved in the deal were Bank OZK. Edgardo Defortuna, representing Fortune International Group, and Château Group played the role of landlords in the transaction. The brokers, Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, and Edgardo Defortuna, worked on behalf of the involved parties to finalize the deal.
Players
Sunny Isles Beach Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93