Updated Dec 4, 2024
Roger Development Group Secures $25 Million Loan For Avenue Hotel & Residences In Coral Gables
351 San Lorenzo Avenue
$25,000,000
Building Size
—
Asset Type
Development Site
Closing
Oct 24, 2023
About this deal
AI
Roger Development Group, led by Oscar Roger Sr., has secured a $25 million construction loan for the development of the Avenue Hotel & Residences in Coral Gables. This development site will feature 48 condos with prices ranging from $730,000 to $1.3 million. The project also includes retail spaces, which have already been sold out, hosting a French bakery, luxury handbag store, and a spa. The completion target for the Avenue Hotel & Residences is set for Q1 2025.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $25,000,000
- Address: 351 San Lorenzo Avenue
- Market: Coral Gables
- Landlord: Roger Development Group - Oscar Roger Sr.
- Loan Type: Construction Loan
The Avenue Hotel & Residences project is backed by the expertise and leadership of Oscar Roger Sr. and his company, Roger Development Group. With their vision and funding secured through the construction loan, the project is set to bring a luxurious living experience to Coral Gables. The development's prime location and high-end amenities are expected to attract discerning buyers seeking upscale condominium living in the heart of the city.
Players
Coral Gables Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93