Updated Dec 19, 2023
Fortune International Group & KAR Properties Secure $38M Loan For Miami Development Site
24 Southwest 4th Street, Miami, Florida 33135, United States
$38,000,000
Building Size
—
Asset Type
Development Site
Closing
May 1, 2023
About this deal
AI
Located at 24 Southwest Fourth Street in Miami, this development site spans approximately 1.8 acres. The property, part of a closed transaction, features a prime location in the Miami market.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $38,000,000
- Address: 24 Southwest Fourth Street
- Market: Miami
- Landlord: Edgardo Defortuna - Fortune International Group; Shahab Karmely - KAR Properties
- Lender: Bank OZK
Edgardo Defortuna, representing Fortune International Group, and Shahab Karmely, representing KAR Properties, acted as the landlords in this transaction. Bank OZK provided a loan amount of $38,000,000 for the deal.
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
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93