Joseph Stern & Roni Benjamini Landlord With Adam Westreich Secures $170M Construction Loan In Miami
496 Northeast 29th Street
$170,000,000
Building Size
—
Asset Type
Development Site
Closing
Aug 13, 2025
AI
The property involved in this transaction is a development site located at 496 Northeast 29th Street in Miami. The transaction involves a construction loan amounting to $170,000,000, facilitated by Bravo Capital.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $170,000,000
- Lender: Bravo Capital
- Landlord: Joseph Stern & Roni Benjamini - SB Development
- Additional Landlord: Adam Westreich - Hazelton Capital
- Market: Miami
- Loan Type: Construction
The key individuals in this transaction include Joseph Stern and Roni Benjamini, representing SB Development, along with Adam Westreich from Hazelton Capital. These individuals play significant roles as landlords in this deal, connecting the financial backing provided by Bravo Capital with the development goals set for the site.
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
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93