Santander Bank Provides $57.3M Loan For Miami-Dade County Development Site
Southwest 40th Street, Miami, FL, USA
$57,300,000
Building Size
—
Asset Type
Development Site
Closing
May 3, 2020
AI
A development site located at 48th Ave & 40th St in Miami-Dade County has been involved in a closed transaction. The property was acquired by Zom Living, Scout Capital, and Mattoni Group.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $57,300,000
- Units: 338
- Lender: Santander Bank
Zom Living, Scout Capital, and Mattoni Group were the buyers in this transaction. Santander Bank provided the loan amount of $57,300,000. The development site consists of 338 units.
Players
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93