Updated Mar 11, 2025
Ocean Bank Provides Loan For Development Project In Miami Gardens
502 Northwest 207th Street, Miami Gardens, FL, USA
$38,300,000
$52,465/SF
Building Size
730 SF
Asset Type
Development Site
Closing
Dec 8, 2020
About this deal
AI
Alex Rodriguez, former professional baseball player, has secured a loan for a development project in Miami Gardens. The property, located at 502 Northwest 207th Street, spans across 36 acres. The transaction took place on December 9, 2020.
Summary of transaction details
- Property Type: Development
- Loan Amount: Not specified
- Address: 502 Northwest 207th Street
- Market: Miami Gardens
- Acres: 36
The loan for the development project was provided by Ocean Bank. Coastland Construction, led by Alejandro “Alex” Rodriguez and Leonardo Ambard, acts as the landlord for the property.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.41%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93