Updated Oct 28, 2024
Madison Realty Capital Provides $55M Construction Loan For Edgewater Development Site
430 Northeast 31st Street, Miami, Florida 33137, United States
$55,000,000
$78,236/SF
Building Size
703 SF
Asset Type
Development Site
Closing
Apr 18, 2022
About this deal
AI
A development site located at 430 NE 31st Street in Edgewater has secured a $55,000,000 construction loan. The loan was provided by Madison Realty Capital, with Josh Zegen representing the lender. The property is owned by Grupo Diana, with Jaime Murra and Korner SAS acting as the landlords. Melissa Rose and Jesse Wright from JLL served as the lender's representatives, while Building Block Realty represented the landlord.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $55,000,000
- Address: 430 NE 31st Street, Edgewater
- Market: Edgewater
- Lender: Madison Realty Capital
- Lender's Representative: Melissa Rose & Jesse Wright - JLL
- Landlord: Grupo Diana
- Landlord's Representative: Building Block Realty
- Loan Type: Construction Loan
Jesse Wright, Josh Zegen, Jaime Murra, and Melissa Rose played key roles in facilitating this transaction.
Players
Miami Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93