Updated Oct 29, 2024
Loan Secured For Miami Development Site At 2052 SW 1st Street By Ocean Bank For $6.2M
2052 Southwest 1st Street, Miami, FL, USA
$6,200,000
$1,572/SF
Building Size
3,944 SF
Asset Type
Development Site
Closing
Jan 31, 2021
About this deal
AI
Located at 2052 SW 1st Street in Miami, this development site was recently involved in a closed transaction. The property is owned by GILCO Homes and was the subject of a loan provided by Ocean Bank, with Alfonso Macedo representing the bank in the deal. The loan amount for this transaction was $6,200,000. This prime development site in Miami offers great potential for future projects.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $6,200,000
- Lender: Ocean Bank - Alfonso Macedo
- Landlord: GILCO Homes
This transaction showcases the collaboration between Ocean Bank, represented by Alfonso Macedo, and GILCO Homes. The loan provided by Ocean Bank will support the development potential of this prime site located at 2052 SW 1st Street in Miami. With the financial support from the bank, GILCO Homes can further their development plans for this property.
Players
Miami Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.56%
Cash-on-Cash
-0.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93