Updated Oct 29, 2024
OptimumBank Provides $12.1M Construction Loan For Development Site In Sweetwater
2005 NW 110th Avenue, Sweetwater, Miami, FL 33172, USA
$12,100,000
Building Size
—
Asset Type
Development Site
Closing
Apr 9, 2023
About this deal
AI
The development site located at 2005 NW 110th Avenue in Sweetwater has been involved in a recent transaction. Covering an area of 1.15 acres, this property offers potential for development. The transaction took place on 04/09/2023 and involved a loan from OptimumBank.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $12,100,000
- Address: 2005 NW 110th Avenue, Sweetwater
- Market: Sweetwater
- Loan Type: Construction Loan
- Lender: OptimumBank
- Landlord: Asi Diaz Doral Hotel Investment Group LLC - Sergio Diaz Gomez, Luis Prado & Ruben Briceno
The loan amount of $12,100,000 provided by OptimumBank played a vital role in this transaction. Additional details regarding the individuals and companies involved in the deal include the landlords, Asi Diaz Doral Hotel Investment Group LLC, represented by Sergio Diaz Gomez, Luis Prado, and Ruben Briceno.
Players
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.31%
Cash-on-Cash
-0.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93