Updated Nov 18, 2025
Bank OZK Provides $239M Construction Loan For Vita At Grove Isle Development Site In Miami
5 Grove Isle Drive
$239,000,000
Building Size
—
Asset Type
Development Site
Closing
Dec 29, 2023
About this deal
AI
The development site located at 5 Grove Isle Drive in Vita at Grove Isle has secured a construction loan from Bank OZK in the amount of $239,000,000. The loan will be used to fund the construction of the property.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $239,000,000
- Lender: Bank OZK
- Landlord: Ugo Colombo - CMC Group
- Landlord's Attorney: Bilzin Sumberg
- Loan Type: Construction Loan
Ugo Colombo, representing CMC Group, serves as the landlord in this transaction. The legal representation for the landlord is Bilzin Sumberg. The construction loan provided by Bank OZK will support the development of the property at 5 Grove Isle Drive in Vita at Grove Isle.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93