Updated May 23, 2025
Empira Group Secures $111.3M Construction Loan From Goldman Sachs For Miami Development Site
244 Southwest 9th Street
$111,300,000
Units
310
Asset Type
Development Site
Closing
May 22, 2025
About this deal
AI
The transaction involves a development site located at 244 Southwest 9th Street in Miami. The location is set to host a 310-unit, 26-story apartment tower, which will include retail and parking facilities. The total loan secured for this construction project amounts to $111,300,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $111,300,000
- Lender: David Soloman - Goldman Sachs
- Landlord: Rafael Aregger, Branko Kuzmanović & Michael Marrero - Empira Group
- Broker: Danny Matz - Newmark
- Construction Start Date: Summer 2025
- Expected Completion Date: 2027
- Project Name: Perrin
This deal is facilitated by Danny Matz of Newmark, representing Empira Group, consisting of Rafael Aregger, Branko Kuzmanović, and Michael Marrero. Empira Group’s project, known as Perrin, marks its largest endeavor in the U.S. to date.
On the Map
$111,300,000
Development Site
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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