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SSA Group Secures $7.87M Construction Loan From Intercredit Bank For Development Site In West Coconut Grove
FINANCED
$7,870,000
Florida
See Similar DealsDevelopment Site
Financed 06/18/2025
FINANCED
SSA Group Secures $7.87M Construction Loan From Intercredit Bank For Development Site In West Coconut Grove
3069 Plaza Street
See Similar DealsDevelopment Site
Financed 06/18/2025
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Loan
The property involved in this transaction is a development site located at 3069 Plaza Street in the West Coconut Grove market of Miami. The asset is intended for a boutique condominium project named Roble One, which will comprise 16 units. This development is set to be completed in 2026 and is intended for short-term rentals, with prices starting at $780,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $7,870,000
- Lender: Intercredit Bank
- Landlord: SSA Group
- Loan Type: Construction
- Completion Year: 2026
- Market: West Coconut Grove, Miami
- Marketing Agency: The Opes Group at Compass
- Initial Pricing: Starting at $780,000
Key individuals involved in the deal include SSA Group, which is responsible for the development and broke ground on the project after securing financing. Intercredit Bank provided the construction loan of $7,870,000 to facilitate the project.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,870,000.00
Monthly NOI$52,466.67
Monthly Debt Service$49,743.75
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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