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2600 Biscayne Boulevard

Newmark Brokers $191M Construction Loan For 2600 Biscayne Blvd Mixed-Use Property
FINANCEDDevelopment Site

Newmark Brokers $191M Construction Loan For 2600 Biscayne Blvd Mixed-Use Property

2600 Biscayne Boulevard

$191,000,000

Building Size

Asset Type

Development Site

Closing

Mar 6, 2024

AI

The property located at 2600 Biscayne Boulevard, Miami is a mixed-use asset. The construction loan for this property amounted to $191,000,000 and was provided by George Gleason of Bank OZK. The landlords of the property are David Weitz and Erik Rutter from Oak Row Equities. The transaction was facilitated by brokers Jordan Roeschlaub, Dustin Stolly, Christopher Kramer, and Daniel Matz of Newmark.

Summary of transaction details:

The key individuals involved in this deal include Daniel Matz, Christopher Kramer, Jordan Roeschlaub, David Weitz, Dustin Stolly, Erik Rutter, and George Gleason. Each played a crucial role in the transaction of this mixed-use property in Miami.

Players

Dustin Stolly

Walker & Dunlop

Broker

$49.5B

vol

269 deals

Broker
Bank OZK
Bank OZKLender

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

0.08%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93