Benmark Capital Provides $15M Bridge Loan For Development Site In Miami
456 NE 29th St Miami, FL 33137, USA
$15,000,000
$558/SF
Building Size
26,880 SF
Asset Type
Development Site
Closing
Jun 5, 2023
AI
A development site located at 456 Northeast 29th Street in Miami, FL has been involved in a closed loan transaction. The property spans an area of 26,880 square feet.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $15,000,000
- Lender: Benmark Capital - Joe Moser & Mark Simon
- Landlord: Adam West
- Loan Type: Bridge
- Loan Terms: 30-day closing
The loan, amounting to $15,000,000, was provided by Benmark Capital. The loan type was bridge, and it had a 30-day closing period. Joe Moser and Mark Simon, representing Benmark Capital, facilitated the loan transaction. Adam West assumed the role of the landlord in this deal.
Benmark Capital, a financing firm, is actively involved in offering loans for mixed-use, residential, and industrial properties, particularly in major gateway cities. For loan inquiries, Joe Moser can be contacted via email at [email protected].
Players
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93