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:
- Property Type: Mixed-use
- Transaction Amount: $191,000,000
- Lender: George Gleason - Bank OZK
- Landlord: David Weitz & Erik Rutter - Oak Row Equities
- Brokers: Jordan Roeschlaub, Dustin Stolly, Christopher Kramer & Daniel Matz - Newmark
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
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