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Carlos Herrera Jr. Of Fenix Contractors Secures $41.3M Construction Loan From Ocean Bank For Development Site
FINANCED
$41,300,000
Florida
See Similar DealsDevelopment Site
Financed 06/18/2025
FINANCED
Carlos Herrera Jr. Of Fenix Contractors Secures $41.3M Construction Loan From Ocean Bank For Development Site
26200 Southwest 137th Court
See Similar DealsDevelopment Site
Financed 06/18/2025
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a 9.9-acre development site located at 26200 Southwest 137th Avenue in the Naranja market. This site is set to undergo construction for a 239-unit project following a previously completed phase in 2023. The project has a secured construction loan of $41.3 million from Ocean Bank.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $41,300,000
- Lender: Ocean Bank
- Landlord: Carlos Herrera Jr. - Fenix Contractors
- Date of transaction: 06/18/2025
Fenix Contractors, represented by Carlos Herrera Jr., has commenced the second phase of the Avenue at Naranja, emphasizing the ongoing development efforts in southern Miami-Dade, amidst rising construction costs and interest rates.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$41,300,000.00
Monthly NOI$275,333.33
Monthly Debt Service$261,044.09
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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