Melo Group Secures $75M Construction Loan For Development Site In Miami
FINANCED
$75,000,000
Florida
See Similar DealsDevelopment Site
Financed 11/08/2021
FINANCED
Melo Group Secures $75M Construction Loan For Development Site In Miami
22 Southwest 1st Street, Miami, FL, USA
See Similar DealsDevelopment Site
Financed 11/08/2021
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Loan
A development site in Miami has been involved in a recent loan transaction. The property, located at 22, 30, 34 Southwest First Street, 35, 25 & 19 Southwest Second Street, spans approximately 0.6 acres. The loan, provided by Truist Bank, has a total amount of $75,000,000 and is categorized as a construction loan. The borrower, Melo Group, represented by Jose Luis Ferreira de Melo, Carlos & Martin Melo, will utilize the funds for the development of the site.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $75,000,000
- Address: 22, 30, 34 Southwest First Street, 35, 25 & 19 Southwest Second Street, Miami
- Market: Miami
- Loan Type: Construction
This loan transaction involves the Melo Group, represented by Jose Luis Ferreira de Melo, Carlos & Martin Melo, as the borrower. Truist Bank serves as the lender in this deal. The loan will enable the Melo Group to proceed with the development plans for the Miami property.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$75,000,000.00
Monthly NOI$500,000.00
Monthly Debt Service$474,051.02
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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