Updated Oct 25, 2024
Terra And Lion Development Acquire Development Site In Midtown Miami With $30M Loan From Metropolitan Commercial Bank
3501 NE 1st Ave, Miami, FL 33137
$30,000,000
Building Size
—
Asset Type
Development Site
Closing
Jun 21, 2023
About this deal
AI
The development site located at 3501 Northeast 1st Avenue in Midtown Miami has been involved in a closed transaction. The property, acquired by Terra and Lion Development, was financed through an acquisition loan provided by Metropolitan Commercial Bank. The loan amount for this transaction was $30,000,000. The seller in this deal was Alex Vadia, acting as the landlord.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $30,000,000
David Martin, representing Terra, and Michael Simkins, representing Lion Development, played crucial roles in this transaction as buyers. Manuel Vidal, from Metropolitan Commercial Bank, served as the lender, facilitating the acquisition loan. It's important to note that these details were not previously mentioned in the first paragraph.
On the Map
$30,000,000
Development Site
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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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93