Cerberus Capital Management Provides $72.8M Construction Loan For Miami Development Site
2804 Northwest 1st Avenue, Miami, FL, USA
$72,800,000
$193/SF
Building Size
375,383 SF
Asset Type
Development Site
Closing
Jul 1, 2021
AI
A development site in Miami located at 2804, 2810, 2819, 2828 & 2838 Northwest First Avenue has secured a construction loan worth $72,800,000. The property spans across 1.3 acres and is owned by the Related Group, represented by Jon Paul Pérez and Metro 1. The loan was provided by Cerberus Capital Management.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $72,800,000
- Address: 2804, 2810, 2819, 2828 & 2838 Northwest First Avenue, Miami
- Market: Miami
- Lender: Cerberus Capital Management
- Landlord: Related Group - Jon Paul Pérez; Metro 1
The deal was facilitated by brokers Dustin Stolly, Jordan Roeschlaub, Daniel Matz, Chris Kramer, Nick Scribani, Donald Pavlov, and Dominick Calisto from Newmark.
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
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93