Popular Bank Provides $43.8M Construction Loan For IMC Equity Group's West Little River Project
2795 Nw 84th St, Miami, FL 33147
$43,800,000
Building Size
—
Asset Type
Development Site
Closing
May 30, 2023
AI
IMC Equity Group has obtained a $43.8 million construction loan for its Northside Village project in West Little River, Miami. The project includes two six-story apartment buildings, a four-story self-storage facility, and retail space. The development site is located at 2751, 2795 Northwest 84th Street & 8400 Northwest 27th Avenue, covering an area of 5.2 acres in the West Little River market.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $43,800,000
- Lender: Popular Bank
- Landlord: IMC Equity Group - Yoram Izhak
- Loan Type: Construction Loan
- Loan Terms: Floating interest rate and a three-year term with extension options
The lender for this transaction is Popular Bank, providing IMC Equity Group with a construction loan amounting to $43.8 million. The landlord of the Northside Village project is IMC Equity Group, represented by Yoram Izhak. The loan has a three-year term with extension options and features a floating interest rate. Construction for the project is expected to be completed by next summer.
Players
Northwest Trailer Park Development Site Market Snapshot
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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