Updated Nov 19, 2023
PNC Bank Provides $64.3M Construction Loan For Miami Beach Development Site
3900 Alton Road, Miami Beach, Florida 33140, United States
$64,300,000
Building Size
—
Asset Type
Development Site
Closing
Nov 18, 2022
About this deal
AI
An approximately 1.87-acre development site located at 3900-4000 Alton Road in Miami Beach has been involved in a recent transaction. The property, which is a development site, was part of a closed deal. The transaction took place on November 18, 2022.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $64,300,000
- Market: Miami Beach
- Address: 3900-4000 Alton Road
- Lender: PNC Bank
- Landlord: Mast Capital - Camilo Miguel Jr & Rockpoint Group - Keith Gelb
- Loan Type: Construction Loan
The key individuals involved in the transaction were Camilo Miguel Jr from Mast Capital and Keith Gelb from Rockpoint Group. They represented the landlord in the deal. The loan was provided by PNC Bank in the form of a construction loan.
Players
Miami Beach 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
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93