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22 Southwest 1st Street, Mi...

Updated Oct 28, 2024

Melo Group Secures $75M Construction Loan For Development Site In Miami
FINANCEDDevelopment Site

Melo Group Secures $75M Construction Loan For Development Site In Miami

22 Southwest 1st Street, Miami, FL, USA

$75,000,000

Building Size

—

Asset Type

Development Site

Closing

Nov 8, 2021

About this deal

AI

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.

On the Map

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$75,000,000

Development Site

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Players

Truist Bank
Truist BankLender

Carlos Melo

Melo Group

Landlord

$767M

vol

10 deals

Landlord
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Miami Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.21%

Cash-on-Cash

-0.06%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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