Updated Dec 4, 2024
Keren Capital Group Finances Miami Beach Development Site With $42.5M Construction Loan
340 W 42 St
$42,500,000
$1,232/SF
Building Size
34,496 SF
Asset Type
Development Site
Closing
Jun 4, 2024
About this deal
AI
Located at 340 West 42nd Street in Miami Beach, FL, the development site is a prime asset with 34,496 square feet and a buildable square footage of 168,691. The property is the subject of a construction loan totaling $42,500,000 provided by Cross River Bank. The loan terms are set at 9+6 months, highlighting the short-term nature of the financial arrangement. The transaction involves Shimon Eisikowicz, Yigal Y. Niasoff, and Yankel Korolitzky acting as the brokers, representing Keren Capital Group.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $42,500,000
- Market: Miami Beach, FL
- Loan Type: Construction
- Lender: Cross River Bank
- Brokers: Yankel Korolitzky & Yigal Y. Niasoff - Keren Capital Group
Yankel Korolitzky and Yigal Y. Niasoff from Keren Capital Group are key individuals in this transaction, providing insight into the refinancing of a mid construction condo project in Miami Beach. The loan, facilitated by Cross River Bank, underscores the complexity of the deal with its 9+6 months term. For inquiries and potentially challenging deals, interested parties are encouraged to contact Keren Capital at 718-245-1500 or reach out directly to Yankel at 917-674-0791 and Yigal at 917-363-4837, respectively.
On the Map
$42,500,000
$1,232/SF
Development Site
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Players
Miami Beach Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93