Updated Dec 4, 2024
Fisher Brothers Management Secures $117.5M Construction Loan For Wynwood Development
2200 NW 1st AveMiami, FL 33127, USA
$117,500,000
Building Size
—
Asset Type
Development Site
Closing
Jul 4, 2023
About this deal
AI
Fisher Brothers Management has secured a $117.5 million construction loan for their first Miami development in Wynwood. The development site, located at 2200 & 2250 Northwest First Avenue & 2201 & 2229 Northwest First Court, spans 1.39 acres. The project will feature an 8-story building with 312 apartments, retail space, and amenities, taking advantage of the area's booming development.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $117,500,000
- Address: 2200 & 2250 Northwest First Avenue & 2201 & 2229 Northwest First Court
- Market: Miami
- Loan Type: Construction
Canyon Partners Real Estate is the lender for this construction loan. Michelle Fischer, representing Fisher Brothers Management, played a key role in securing the loan for the project in Wynwood.
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
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93