Bank OZK Provides $119M Loan For Development Site In Sunny Isles Beach
FINANCED
$119,000,000
+ 2
Florida
See Similar DealsDevelopment Site1,150,000 SF
Financed 05/04/2020
FINANCED
Bank OZK Provides $119M Loan For Development Site In Sunny Isles Beach
18801 Collins Ave, Sunny Isles Beach, FL 33160, USA
See Similar DealsDevelopment Site1,150,000 SF
Financed 05/04/2020
+ 2
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$103
Total Square Footage:1,150,000 SF
Transaction Type:Loan
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
BROKERAGE
LENDER
LANDLORD
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$119,000,000.00
Monthly NOI$793,333.33
Monthly Debt Service$752,160.95
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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