Starwood Capital Group's Barry Sternlicht Secures $76M Loan For Miami Beach Development Site
FINANCED
$76,000,000
Florida
See Similar DealsDevelopment Site1,610 SF
Financed 04/08/2020
FINANCED
Starwood Capital Group's Barry Sternlicht Secures $76M Loan For Miami Beach Development Site
2340 Collins Avenue, Miami Beach, FL, USA
See Similar DealsDevelopment Site1,610 SF
Financed 04/08/2020
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$47,205
Total Square Footage:1,610 SF
Transaction Type:Loan
A development site located at 2340 Collins Avenue in Miami Beach was involved in a recent transaction. The property was acquired by Starwood Capital Group, represented by Barry Sternlicht, for a loan amount of $76,000,000 from citizens''>Citizens Bank. The property has a building square footage (BSF) of 144,430.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $76,000,000
- Address: 2340 Collins Avenue, Miami Beach
- Market: Miami Beach
- Lender: Citizens Bank
- Landlord: Starwood Capital Group - Barry Sternlicht
- BSF: 144,430
Barry Sternlicht, representing Starwood Capital Group, played a significant role in this deal. The loan was facilitated by Citizens Bank, providing financial support to the project. This acquisition showcases the continued growth in the development sector of Miami Beach.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$76,000,000.00
Monthly NOI$506,666.67
Monthly Debt Service$480,371.70
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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