Updated Oct 28, 2024
The Richman Group Secures $44.48M Construction Loan For Development Site In Miami
27077 S Federal Hwy, Homestead, Florida 33032, United States
$44,480,000
Building Size
—
Asset Type
Development Site
Closing
Oct 30, 2022
About this deal
AI
The development site located at 27077 South Federal Highway in Miami has recently undergone a closed transaction. The property spans across 1.32 acres and is owned by The Richman Group, led by Richard Paul Richman.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $44,480,000
- Date: 10/31/2022
- Market: Miami
In this deal, a construction loan of $44,480,000 was secured for the development site. The loan will be used for construction purposes, indicating plans for future development on the property.
On the Map
$44,480,000
Development Site
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Princeton 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
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93