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Jorge Pérez Of Related Group Secures $5.7 Million Loan From City Of Miami For Flagler Villas
FINANCED
$5,700,000
Florida
See Similar DealsDevelopment Site
Financed 02/28/2025
FINANCED
Jorge Pérez Of Related Group Secures $5.7 Million Loan From City Of Miami For Flagler Villas
5350 West Flagler Street
See Similar DealsDevelopment Site
Financed 02/28/2025
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Loan
The property involved is a development site located at 5350 West Flagler Street in Miami. This site is designated for the second phase of Flagler Villas, which consists of a total of 98 units catering to senior affordable housing. The building will be eight stories tall and is leased from the city for a duration of 99 years. It is aimed at serving households with incomes at or below 30% of the area median income.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $5,700,000
- Lender: City of Miami
- Landlord: Jorge Pérez - Related Group
Jorge Pérez, representing Related Group, secured funding from the City of Miami to advance this project. The involvement of the city indicates support for the initiative to enhance affordable housing in the Flagami area.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$5,700,000.00
Monthly NOI$38,000.00
Monthly Debt Service$36,027.88
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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