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Joseph Stern Of SB Development Secures $14 Million Bridge Loan For Development Site In Edgewater Miami

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FINANCED
$14,000,000
Andrew Cohen
Max Herzog
+ 1

Florida

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Development Site14,277 SF
Financed 07/26/2024
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FINANCED

Joseph Stern Of SB Development Secures $14 Million Bridge Loan For Development Site In Edgewater Miami

419 Northeast 19th Street

See Similar Deals
Development Site14,277 SF
Financed 07/26/2024
Andrew Cohen
Max Herzog
+ 1
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Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$980
Total Square Footage:14,277 SF
Transaction Type:Loan

The property asset involved in this transaction is a development site located at 419 Northeast 19th Street in the Edgewater market of Miami. It encompasses a building square footage (BSF) of 637,732 and a total square footage (SF) of 14,277. The loan amount for this transaction is $14,000,000, categorized as a bridge loan.

Summary of transaction details:

This deal involves key individuals and companies contributing to the transaction, including landlord Joseph Stern representing SB Development. The brokers facilitating this deal are Marko Kazanjian, Max Herzog, Maxwell Hulsh, and Andrew Cohen, all associated with Institutional Property Advisors (IPA).

Players

Marko Kazanjian
71 deals$5.4B volume
BROKER

Max Herzog
Institutional Property Advisors
80 deals$5.4B volume(212) 430-5165
BROKER

Andrew Cohen
Institutional Property Advisors
43 deals$3B volume
BROKER

Maxwell (Max) Hulsh
Institutional Property Advisors
32 deals$2.8B volume(646) 549-3692
BROKER

Details

FINANCED
IMAGE: Marko Kazanjian, Max Herzog, Maxwell Hulsh & Andrew Cohen DATE: 7/26/2024 ADDRESS: 419 Northeast 19th Street MARKET: Edgewater, Miami ASSET TYPE: Development Site ~ BSF: 637,732 ~ SF: 14,277 LANDLORD: Joseph Stern - SB Development BROKERS: Marko Kazanjian (@MarkoKaz), Max Herzog, Maxwell Hulsh (@MaxHulsh) & Andrew Cohen (@The_Andrew_Cohen) - Institutional Property Advisors (IPA) LOAN AMOUNT: $14,000,000 LOAN TYPE: Bridge Loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$14,000,000.00

Monthly NOI$93,333.33
Monthly Debt Service$88,489.52
Change in Cash Flow$0.00
Refinance Proceeds$0.00